• 4 mintues Texas forced to have rolling brown outs. Not from downed power line , but because the wind energy turbines are frozen.
  • 7 minutes Forecasts for oil stocks.
  • 9 minutes Biden's $2 trillion Plan for Insfrastructure and Jobs
  • 13 minutes European gas market to 2040 according to Platts Analitics
  • 1 day America's pandemic dead deserve accountability after Birx disclosure
  • 13 hours Fukushima
  • 5 mins Today Biden calls for Summit with Putin. Will Joe apologize to Putin for calling him a "Killer" ?
  • 18 hours CO2 Mitigation on Earth and Magnesium Civilization on Mars – Just Add Water
  • 1 hour Simple question: What is the expected impact in electricity Demand when EV deployment exceeds 10%
  • 1 hour Biden about to face first real test. Russia building up military on Ukraine border.
  • 5 hours U.S. Presidential Elections Status - Electoral Votes
  • 16 hours New Chinese Coal Plants Equal All those in U.S.A
  • 3 days Does .001 of Atmosphere Control Earth's Climate?!
  • 4 days U.S. and Chinese investors to buy Saudi pipelines , $10 Billion deal.
  • 2 days Oh the Dems!!! They cheer for helping people while stabbing them in the back!!! Enbridge asks Canadian government to support oil pipeline in dispute with Michigan
  • 3 days The coming Cyber Attack
  • 4 days NG spot prices hit triple digits for weekend delivery
Editorial Dept

Editorial Dept

More Info

Premium Content

Russia Is The Critical Factor In Oil Markets Right Now

U.S. West Texas Intermediate and international-benchmark Brent crude oil futures are edging higher on Friday as investors continue to increase bets that OPEC and its allies will come through with the production cuts a technical committee recommended the week-ending February 7.

The price action also suggests that traders are a little more optimistic that the coronavirus outbreak has reached a peak and that the demand crisis may be ending. The markets are also on track for their first weekly gain since early January.

OPEC Cuts Forecast for Oil Demand Growth This Year

In a closely-watched report published Wednesday, OPEC cut its forecast for oil demand growth this year, saying the coronavirus outbreak was the primary reason.

The cartel said it now expects 2020 daily oil demand growth to be 990,000 barrels per day (bpd), which is 230,000 bpd below prior forecasts.

“The impact of the Coronavirus outbreak on China’s economy has added to the uncertainties surrounding global economic growth in 2020, and by extension global oil demand growth in 2020,” OPEC said in the report.

IEA Says Virus Outbreak to Shrink First-Quarter Oil Demand

Oil demand is set to fall year on year in the first quarter for the first time since the depths of the financial crisis in 2009 hurt by the coronavirus outbreak in China, the International Energy Agency (IEA) said on Thursday.

“The consequences of Covid-19 for global oil demand will…





Leave a comment

Leave a comment




Oilprice - The No. 1 Source for Oil & Energy News