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Crude oil production in the US has recovered considerably from the lows seen during the first wave of the COVID-19 pandemic and the brief price war between Saudi Arabia and Russia.
Surging oil, gas and power prices, the EU’s goals of becoming less dependent on Russian supplies, and post-Covid-19 pandemic inflation will catapult global energy spending this year.
Persistent withdrawals from global oil inventories have led to increases in crude oil prices, but the EIA forecasts that global oil markets will begin to balance through 2023, leading to a drop in prices.
Construction and installation activities at the approximately US$4 billion Jansz-Io Compression project, offshore Western Australia, are estimated to take approximately five years to complete.
Oil prices rose on Monday as a cyberattack on key pipeline infrastructure in the US made up for bearish news over the pandemic’s further spread in Asia.
Oil prices are closing the week trimming some gains, but the market trend is positive and the price direction is mostly risk reduction by traders, who are also profiting from earlier gains.
Oil prices are rising today as a result of optimism for a coming demand uptick in key economies such as the US, China and the UK, and also assisted by a weak dollar; back to back gains pose a risk amid the worsening Covid-19 situation in India however.
Oil prices are on the rise today but the pandemic is hitting India hard and US crude stocks are forecast to build again.
Oil prices are ticking up today on trader hopes that OPEC+ may address India’s demand destruction with supply policy amendments in its coming meeting.
Oil prices are largely unchanged today as positive developments in the US and Europe face off with increasing Covid-19 infections in India.
Oil prices extended their losses on Thursday as the market priced in concerns over increasing Covid-19 infections in Asia and a surprise US crude stocks build.
Oil prices are set to close the week with notable gains as the market got a boost from positivity over the speed of the oil demand’s recovery.