• Upstream
  • Pipelines & Transport
  • Downstream
Oil&Gas Advancement
  • Home
  • News

    Key Actions For Emission Reduction In Oil And Gas Sector

    Role of Hydrogen Fuel In The Future of Restoration Ecology

    Blending LPG And Biogas: A Cleaner Energy Solution For India

    Turkmenistan Plans To Export Natural Gas To European Nations

    Power of Siberia Line To Send Gas From Siberia To Shanghai

    Europe Must Cut Its Gas Demand Or Face Supply Challenges

    Arabian Pipes Co wins $42.6m supply contract from Saudi Aramco

    Bulgaria, Greece Ink Plans For Bidirectional H2 Distribution

    Touchstone Exploration discovers oil and gas deposit onshore Trinidad

    Kazakhstan Offers Above 50 Oil & Gas Fields For Exploration

    Brent crude oil price falls 24%, second largest one-day decline on record

    G7 Confirms Maintaining The Russian Oil Price Cap At $60

    Russian Fuel Supplies To Iran Through Rail Begin – Sources

  • Projects
    UN Condemns Energy Giants For Ignoring Science of All Things

    Global oil and gas projects pipeline at US$4 trn

    BP begins gas production at West Nile Delta project

    BP begins gas production at West Nile Delta project

    Bechtel and Cheniere Deliver LNG Ahead of Schedule on US Gulf Coast

    Bechtel and Cheniere Deliver LNG Ahead of Schedule on US Gulf Coast

    ABB wins $79m order for Bab onshore project in Abu Dhabi

    Phillips 66 and Bridger Pipeline LLC Announce Open Season for Rockies and Bakken Crude Oil Pipeline System

    Phillips 66 and Bridger Pipeline LLC Announce Open Season for Rockies and Bakken Crude Oil Pipeline System

    BHP successful in bids for blocks in the offshore Orphan Basin in Eastern Canada

    Operational excellence and safety continue to be a key driver in oil and gas sector

    Gazprom plans to carry forward cost efficient in 2018

    TGS announces new seismic project in the Anadarko basin

  • Whitepapers

    OGA 2017 Post Show Report

    US Polyethylene Export Market Report 2017-2020

    US Polyethylene Export Market Report 2017-2020

    Embedded SSD Flash Management

    Enterprise SSD: More Than Just a New Kind of Hard Drive

    Efficiency, Visibility and Reliability Keys to lower costs and greater profitability in oil and gas operations

    Don’t Miss the Unconventional Resource Revolution’s Next Wave

    Better Safety, Better Business: Maintain Compliance and Drive Revenue: Put All of Your Data to Work

    Breaking the Application Barrier: Why Data is the Most Valuable Asset in the Oil and Gas Industry

    Drilling Optimization Through Advanced Analytics Using Historical and Real-Time Data

  • Press Releases
    bp and Oman form strategic partnership to progress significant renewable energy and hydrogen development

    Saudi Arabia’s NEOM hydrogen mega-project cost soars to $8.5 billion

    OERA & ONHYM Reach Agreement to Enhance Offshore Energy Research & Development

    Santos receives major approval for oil and gas development offshore Western Australia

    Eni, Repsol press Maduro for more control to increase oil production from Venezuelan oil fields

    chevron invests in carbon capture and removal technology company, svante

    bp looks to further developments at Tangguh with PSC extension

    Falcon Oil & Gas completes successful drilling operations in Australia

    N’GENIUS solution on the horizon for oil, gas and LNG industry

    QatarEnergy, GE to develop carbon capture roadmap

    QatarEnergy, GE to develop carbon capture roadmap

    Equinor Energy

    Transocean secures offshore drilling rig contract from Wintershall and OMV

  • Market Reports
    CNOOC Limited Announces Caofeidian 11-1/11-6 Oilfield Comprehensive Adjustment Project Commences Production

    Vital Energy acquires oil production assets in Permian basin for $128 million

    INPEX sells Eagle Ford tight oil production and development assets to Repsol

    Matador Resources acquires Delaware basin assets for $1.6 billion

    Funding For Oil And Gas Industry Is Evolving Dramatically

    Marathon Oil Completes Eagle Ford Acquisition

    Neptune Energy producing natural gas from Merakes project in Indonesia

    Fresh Gas Supply Need Is Created By Australian Energy Crisis

    Chevron Announces $15 Billion Capital and Exploratory Budget for 2022

    Chevron Announces $15 Billion Capital and Exploratory Budget for 2022

    Aramco announces second quarter and half-year 2021 results

    Aramco announces second quarter and half-year 2021 results

    Empire Petroleum buys US oil and gas assets from ExxonMobil

    Empire Petroleum buys US oil and gas assets from ExxonMobil

  • Events
  • Contact Us
No Result
View All Result
  • Home
  • News

    Key Actions For Emission Reduction In Oil And Gas Sector

    Role of Hydrogen Fuel In The Future of Restoration Ecology

    Blending LPG And Biogas: A Cleaner Energy Solution For India

    Turkmenistan Plans To Export Natural Gas To European Nations

    Power of Siberia Line To Send Gas From Siberia To Shanghai

    Europe Must Cut Its Gas Demand Or Face Supply Challenges

    Arabian Pipes Co wins $42.6m supply contract from Saudi Aramco

    Bulgaria, Greece Ink Plans For Bidirectional H2 Distribution

    Touchstone Exploration discovers oil and gas deposit onshore Trinidad

    Kazakhstan Offers Above 50 Oil & Gas Fields For Exploration

    Brent crude oil price falls 24%, second largest one-day decline on record

    G7 Confirms Maintaining The Russian Oil Price Cap At $60

    Russian Fuel Supplies To Iran Through Rail Begin – Sources

  • Projects
    UN Condemns Energy Giants For Ignoring Science of All Things

    Global oil and gas projects pipeline at US$4 trn

    BP begins gas production at West Nile Delta project

    BP begins gas production at West Nile Delta project

    Bechtel and Cheniere Deliver LNG Ahead of Schedule on US Gulf Coast

    Bechtel and Cheniere Deliver LNG Ahead of Schedule on US Gulf Coast

    ABB wins $79m order for Bab onshore project in Abu Dhabi

    Phillips 66 and Bridger Pipeline LLC Announce Open Season for Rockies and Bakken Crude Oil Pipeline System

    Phillips 66 and Bridger Pipeline LLC Announce Open Season for Rockies and Bakken Crude Oil Pipeline System

    BHP successful in bids for blocks in the offshore Orphan Basin in Eastern Canada

    Operational excellence and safety continue to be a key driver in oil and gas sector

    Gazprom plans to carry forward cost efficient in 2018

    TGS announces new seismic project in the Anadarko basin

  • Whitepapers

    OGA 2017 Post Show Report

    US Polyethylene Export Market Report 2017-2020

    US Polyethylene Export Market Report 2017-2020

    Embedded SSD Flash Management

    Enterprise SSD: More Than Just a New Kind of Hard Drive

    Efficiency, Visibility and Reliability Keys to lower costs and greater profitability in oil and gas operations

    Don’t Miss the Unconventional Resource Revolution’s Next Wave

    Better Safety, Better Business: Maintain Compliance and Drive Revenue: Put All of Your Data to Work

    Breaking the Application Barrier: Why Data is the Most Valuable Asset in the Oil and Gas Industry

    Drilling Optimization Through Advanced Analytics Using Historical and Real-Time Data

  • Press Releases
    bp and Oman form strategic partnership to progress significant renewable energy and hydrogen development

    Saudi Arabia’s NEOM hydrogen mega-project cost soars to $8.5 billion

    OERA & ONHYM Reach Agreement to Enhance Offshore Energy Research & Development

    Santos receives major approval for oil and gas development offshore Western Australia

    Eni, Repsol press Maduro for more control to increase oil production from Venezuelan oil fields

    chevron invests in carbon capture and removal technology company, svante

    bp looks to further developments at Tangguh with PSC extension

    Falcon Oil & Gas completes successful drilling operations in Australia

    N’GENIUS solution on the horizon for oil, gas and LNG industry

    QatarEnergy, GE to develop carbon capture roadmap

    QatarEnergy, GE to develop carbon capture roadmap

    Equinor Energy

    Transocean secures offshore drilling rig contract from Wintershall and OMV

  • Market Reports
    CNOOC Limited Announces Caofeidian 11-1/11-6 Oilfield Comprehensive Adjustment Project Commences Production

    Vital Energy acquires oil production assets in Permian basin for $128 million

    INPEX sells Eagle Ford tight oil production and development assets to Repsol

    Matador Resources acquires Delaware basin assets for $1.6 billion

    Funding For Oil And Gas Industry Is Evolving Dramatically

    Marathon Oil Completes Eagle Ford Acquisition

    Neptune Energy producing natural gas from Merakes project in Indonesia

    Fresh Gas Supply Need Is Created By Australian Energy Crisis

    Chevron Announces $15 Billion Capital and Exploratory Budget for 2022

    Chevron Announces $15 Billion Capital and Exploratory Budget for 2022

    Aramco announces second quarter and half-year 2021 results

    Aramco announces second quarter and half-year 2021 results

    Empire Petroleum buys US oil and gas assets from ExxonMobil

    Empire Petroleum buys US oil and gas assets from ExxonMobil

  • Events
  • Contact Us
No Result
View All Result
Oil&Gas Advancement
No Result
View All Result
Home Featured

Oil Supply Is Expected To Trail Behind Demand Next Year

venkat by venkat
June 16, 2022
in Featured, News
0
Can African Oil Producers help the world end reliance onRussian Oil and Gas?

Following 3 years of COVID-19 lockdowns and the economic catastrophe of the Ukraine crisis, global oil demand will surge above pre-pandemic levels next year, according to the International Energy Agency. China will drive much of the demand growth next year as it recovers through stop-start COVID-19 lockdowns, while advanced economies are projected to grapple with a worsening economic outlook and rising prices.

Meanwhile, the IEA anticipates supply growth to fall behind demand, resulting in a 500,000-barrel-a-day shortfall in the already tight market with skyrocketing prices. Oil producers in the United States are projected to support supply growth next year, but members of the Organization of Petroleum Exporting Countries seem projected to continue to struggle to meet their output targets.

The Paris-based agency stated in its closely monitored oil market report that need for crude will grow by 2.2 million barrels per day to 101.6 million barrels per day in 2023, pushing it above 2019 volumes for the first time since the pandemic first struck. This is the first time the IEA has provided 2023 predictions.

The IEA estimates that developed markets in Europe and North America will make up the vast majority of recovering demand in 2022, but less advanced nations that aren’t members of the Group for Economic Cooperation and Development will account for 80% of demand growth. China’s economy has struggled this year as a result of rising COVID-19 cases and lockdowns. However, oil demand is expected to rise by 930,000 barrels per day in 2023, helping the country reclaim its role as the key driver of global oil-demand growth, according to the IEA.

Meanwhile, a comeback in foreign travel next year is expected to boost jet fuel demand by 990,000 barrels per day in 2023, according to the report. Oil producers, on the other hand, are projected to struggle to keep up with resurgent oil demand. According to the International Energy Agency, world oil supplies will increase by 1.3 million barrels per day to 101.1 million barrels per day in 2023, exposing a 500,000 barrel-per-day shortfall.

Oil prices dipped on June 15th after Federal Reserve officials decided to raise interest rates by 0.75% to limit inflation. Brent crude, the world standard, fell 2.2% to $118.51 a barrel at the close. The major U.S. price, West Texas Intermediate, fell 3.04% to $115.31 per barrel. Countries in Europe and North America have been hesitant to pump additional oil to ease a looming supply crisis that has formed in the aftermath of Russia’s invasion of Ukraine, despite having spent years pushing their businesses toward greener sources of energy.

Due to technical challenges and capacity limits, the main oil producers who make up OPEC+—a coalition of OPEC and non-OPEC producers led by Russia—have failed to reach their targets for modest supply increases. According to the IEA, the supply concerns resulted in a 2.8 million barrels per day deficit between the group’s planned and actual production as of last month.

The IEA predicts that OPEC+’s problems will persist until 2023. OPEC+ output is expected to drop by 500,000 barrels per day to 51.1 million barrels per day in 2023, according to the agency. Meanwhile, non-OPEC+ members’ supplies are expected to increase by 1.8 million barrels per day to 50 million barrels per day. The IEA maintained its demand projection for this year at 99.4 million barrels per day. Demand was 100.4 million barrels in 2019, before the outbreak.

The International Energy Agency boosted its oil supply predictions for 2022 by 600,000 barrels per day to 99.8 million barrels per day. This translates to a 400,000 barrels-per-day excess in the energy market this year, according to the agency.

Previous Post

Central American Development Bank Grants $800mn Loan On Fuel Relief

Next Post

Biden Says Far Above Normal Refinery Profitability Not Fair

Related Posts

Downstream

Key Actions For Emission Reduction In Oil And Gas Sector

May 25, 2023
Downstream

Role of Hydrogen Fuel In The Future of Restoration Ecology

May 17, 2023
News

Blending LPG And Biogas: A Cleaner Energy Solution For India

May 17, 2023
News

Turkmenistan Plans To Export Natural Gas To European Nations

May 4, 2023
Power of Siberia Line To Send Gas From Siberia To Shanghai
Downstream

Europe Must Cut Its Gas Demand Or Face Supply Challenges

April 29, 2023
Arabian Pipes Co wins $42.6m supply contract from Saudi Aramco
News

Bulgaria, Greece Ink Plans For Bidirectional H2 Distribution

April 27, 2023
Next Post
Rosneft Expands Range of Petrochemicals Sold at SPIMEX Exchange Trades

Biden Says Far Above Normal Refinery Profitability Not Fair

Latest Post

Arabian Pipes Co wins $42.6m supply contract from Saudi Aramco
News

Bulgaria, Greece Ink Plans For Bidirectional H2 Distribution

April 27, 2023
Touchstone Exploration discovers oil and gas deposit onshore Trinidad
News

Kazakhstan Offers Above 50 Oil & Gas Fields For Exploration

April 18, 2023
Brent crude oil price falls 24%, second largest one-day decline on record
News

G7 Confirms Maintaining The Russian Oil Price Cap At $60

April 18, 2023
News

Russian Fuel Supplies To Iran Through Rail Begin – Sources

April 13, 2023
Groundbreaking new app details every energy resource in the North Sea
News

Alliance Takes Tough Stand On New Upstream Oil-Gas Projects

March 30, 2023
Saudi Arabia sets its sights on hydrogen export leadership
News

Quest For LNG By Europe May Not Be All That Flourishing

March 30, 2023
Oil&Gas Advancement

About Us

Oil and Gas Advancement is an information centric knowledge sharing platform focused on the latest news in the B2B oil and gas sector bringing to our audiences B2B updates on upstream, downstream, pipeline and transport categories providing information on the latest projects and developments.

Resources

  • Advertise with us
  • Contact Us
  • Newsletter Archive
  • Download Mediapack

System

  • Search
  • Site Map
  • RSS Feed
  • Upstream
  • Pipelines & Transport
  • Downstream

© 2018 Copyright Valuemediaservices 2018 All rights reserved.

No Result
View All Result
  • Home
  • News
  • Projects
  • Whitepapers
  • Press Releases
  • Market Reports
  • Events
  • Contact Us

© 2018 Copyright Valuemediaservices 2018 All rights reserved.