Oil bidding war underway among Asian refiners
Physical cargoes of crude oil from Russia, the U.S. and the Middle East were getting snapped up at higher prices as buyers across Asia entered a bidding war to secure supplies. Chinese demand also grew after private refiners received crude-import quotas that were 20% larger than last year’s concession.
How renewable energy can pay off for big oil
Major oil companies are in the early stages of one of the biggest transformations in any industry in decades. Nearly all of them are starting to make investments in low-carbon businesses, investing in wind, solar, and hydrogen power.
EIA projects $43 oil, flat U.S. production in the first half of 2021
EIA forecasts that the WTI price will average $43/b in the first half of 2021, up from our forecast of $40/b during the second half of 2020. The U.S. crude oil production forecast reflects EIA’s expectations that annual global petroleum demand will not recover to pre-pandemic levels (101.5 million bpd in 2019) through at least 2021. EIA forecasts that global consumption of petroleum will average 92.9 million bpd in 2020 and 98.8 million bpd in 2021.
Trump administration pushes leases for oil drilling in Arctic refuge before end of term
The Trump administration is taking steps toward a lease sale within the Arctic National Wildlife Refuge, an area President-elect Joe Biden has said he would move to protect from oil and gas drilling. Chad Padgett, state director for the U.S. Bureau of Land Management for Alaska, said hearing from industry on which tracts to make available “is vital in conducting a successful lease sale.” The agency plans to make a formal call for nominations Tuesday.