• 4 minutes Energy Armageddon
  • 6 minutes "How to Calculate Your Individual ESG Score to ensure that your Digital ID 'benefits' and money are accessible"
  • 12 minutes "Europe’s Energy Crisis Has Ended Its Era Of Abundance" by Irina Slav
  • 58 mins GREEN NEW DEAL = BLIZZARD OF LIES
  • 7 hours Is Europe heading for winter of discontent with extensive gas shortages?
  • 1 day "False Flag Planted In Nord Stream Pipeline, GFANZ, Gore, Carney, Net Zero, U.S. Banks, Fake Meat, and more" - NEWS in 28 minutes
  • 10 hours ""Green" Energy Is a Scam. It Isn't MEANT to Work." - By James Corbett of The Corbett Report
  • 5 hours Wind droughts
  • 6 days Kazakhstan Is Defying Russia and Has the Support of China. China is Using Russia's Weakness to Expand Its Own Influence.
  • 1 day Xi Is Set To Be Re-Elected As China’s Leader
  • 15 hours 87,000 new IRS agents, higher taxes, and a massive green energy slush fund... "Here Are The Winners And Losers In The 'Inflation Reduction Act'"-ZeroHedge
  • 5 hours "Natural Gas Price Fundamental Daily Forecast – Grinding Toward Summer Highs Despite Huge Short Interest" by James Hyerczyk & REUTERS on NatGas
  • 5 hours Australian power prices go insane
  • 10 days Oil Prices Fall After Fed Raises Rates
  • 9 hours Europeans and Americans are beginning to see the results of depending on renewables.
  • 11 days Oil Stocks, Market Direction, Bitcoin, Minerals, Gold, Silver - Technical Trading <--- Chris Vermeulen & Gareth Soloway weigh in
Oil Giant Comparison: BP vs Suncor

Oil Giant Comparison: BP vs Suncor

Both BP and Suncor have…

UAE: Oil Demand Has Already Increased To 95 Million Bpd

Oil demand has already increased to 95 million barrels per day (bpd), and the market is rebalancing, according to the chief executive of the Abu Dhabi National Oil Company (ADNOC), Sultan Ahmed Al Jaber.

ADNOC pumps nearly all the oil in one of OPEC’s largest producers, the United Arab Emirates (UAE).

Speaking at the virtual Columbia Global Energy Summit, Al Jaber also noted—as carried by Reuters—that investments in oil and gas had declined in the past five years with companies sticking to capital discipline since the previous oil price crash and industry downturn in 2015-2016.

In its latest Monthly Oil Market Report, OPEC sees global oil demand at 94.79 million bpd in the second quarter this year, after revising down estimates by 300,000 bpd compared to its April estimate, due to lower-than-expected demand in North America in the first quarter and the COVID resurgence in India and Brazil.

However, the organization raised its outlook for oil demand for both the third and fourth quarters of 2021 by 150,000 bpd and 290,000 bpd, respectively. Third-quarter demand is expected to average 97.90 million bpd, and fourth-quarter demand is set to further rise to 99.74 million bpd, OPEC’s latest report said. The higher anticipated demand in the second half of this year is the result of positive fuel data from the United States, while “the acceleration in vaccination programs in many regions allows for optimism,” OPEC said.

As a whole, OPEC is optimistic that accelerating vaccination programs and rising fuel demand will raise average global oil demand by 5.95 million bpd in 2021 compared to 2020.

Earlier this week, Russia’s Deputy Prime Minister Alexander Novak said that the oil market is fairly balanced at present, with demand slightly exceeding supply.

The excess oil inventories of the past year have been all but depleted, and a strong demand rebound in the second half this year could lead to even steeper stock draws, the International Energy Agency (IEA) said in its report for May, keeping an upbeat forecast of global oil demand despite the weaker-than-expected first half of 2021.

By Charles Kennedy for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage



Leave a comment

Leave a comment

EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News