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EIA revises up Brent price forecast by $1 for 2020

- International benchmark expected to average $34 per barrel this year

home > Upstream, Stock Market, Americas 13.05.2020 11:28 Övunç Kutlu

EIA revises up Brent price forecast by $1 for 2020

The US Energy Information Administration (EIA) has revised up its Brent crude oil price forecast for 2020 by $1 per barrel, according to its monthly Short-Term Energy Outlook (STEO) report for May released on Tuesday.

The international benchmark is now expected to average $34 per barrel this year, up from its previous estimate of $33 a barrel.

While Brent crude is forecast to average $23 per barrel during the second quarter of 2020, it is anticipated to average $32 per barrel during the second half of the year.

The EIA said it forecasts Brent crude increasing to an average of $48 per barrel in 2021, as 'declining global oil inventories next year will put upward pressure on oil prices.'

In April's STEO, the administration lowered the forecast for Brent crude for this year by $10 per barrel from the previous month's estimate.

'EIA forecasts significant decreases in US liquid fuels demand during the first half of 2020 as a result of COVID-19 travel restrictions and disruptions to business and
economic activity,' STEO for May noted.

'EIA expects the largest impacts will occur in the second quarter of 2020 before gradually dissipating over the next 18 months,' it added.

-US crude output revised down

The EIA also revised down US crude oil production for this year by 100,000 barrels per day (bpd), according to the STEO for May.

Crude oil production in the country is now estimated to average 11.7 million bpd in 2020, compared to the previous expectation of 11.8 million bpd in the STEO for April.

'Typically, price changes affect production after about a six-month lag,' said the STEO for May.

'However, current market conditions will likely reduce this lag as many producers have already announced plans to reduce capital spending and drilling levels,' it added.

The US surpassed Saudi Arabia, and then Russia, in November 2018 to become the world's biggest crude oil producer.

By Ovunc Kutlu

Anadolu Agency

energy@aa.com.tr


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Oil regains from 5% fall after Saudis end voluntary cut

- Libya restarting crude production in El-Sharara field will cap price gains
09.06.2020 Upstream , Stock Market , International Organization , Middle East-Africa

Lack of conformity in OPEC unacceptable: Saudi En. Min.

- 'All of us, and oil market, have no stomach for any type of laxities in terms of self-imposed cuts,' bin Salman says
09.06.2020 Upstream , International Organization , Eurasia , Middle East-Africa

Oil price up after OPEC extends oil cut deal for 1 mth.

- Energy ministers of Saudi Arabia, Russia and OPEC Secretary-General to hold virtual press conference later Monday
09.06.2020 Upstream , Stock Market , International Organization , Eurasia , Middle East-Africa

Libya's largest oilfield resumes production

- El-Sharara oilfield produces more than 300,000 barrels of crude oil per day
08.06.2020 Upstream , Energy Security , Middle East-Africa

OPEC extending oil cut positive, but risks undersupply

- "Unless a second Covid-19 wave hits world, OPEC deal will be backbone of a quick recovery for energy industry," expert says
08.06.2020 Upstream , Stock Market , International Organization , Eurasia , Middle East-Africa

OPEC, allies agree to extend oil cut for one month

- Current production curb to last until end of July
08.06.2020 Upstream , International Organization , Eurasia , Middle East-Africa

OPEC meeting begins to discuss oil production cut deal

- Organization to discuss level of compliance of member nations, extend output cut to end of July
06.06.2020 Upstream , International Organization , Middle East-Africa

OPEC likely to extend oil cut deal for 1 month: Experts

- Extending current deal for an additional month could give room for some members to adhere to their respective quotas
07.06.2020 Upstream , International Organization , Middle East-Africa

OPEC, allies to meet on June 6: Russian Energy Ministry

- Meetings were initially scheduled for June 9 and June 10
06.06.2020 Upstream , International Organization , Eurasia , Middle East-Africa

Oil up as market expects OPEC to extend and deepen cuts

- OPEC and non-OPEC countries held their 7th technical meeting on Thursday in preparation for ministerial meetings
05.06.2020 Upstream , Stock Market , International Organization , Eurasia , Middle East-Africa

Brent oil passes $40 a barrel with OPEC cut hopes

- Benchmark trading above that level for first time since March 6 when OPEC, allies failed to agree on deeper production cuts
04.06.2020 Upstream , Stock Market , International Organization , Americas

OPEC, allies to meet on June 9-10 for oil market debate

- OPEC+ expected to discuss whether to extend or deepen the group's oil production cut that was agreed in April
04.06.2020 Upstream , International Organization , Middle East-Africa

Oil up as market eyes OPEC for extended production cut

- OPEC+ nations expected to extended oil output cut through July or August
02.06.2020 Upstream , Stock Market , International Organization , Europe , Asia , Americas

Brent oil price up with further OPEC output cut hopes

- OPEC+ nations expected to discuss whether production curb in second half of 2020 should be deepened in face of weak demand
01.06.2020 Upstream , Stock Market , International Organization , Americas

Haftar oil blockade causes over $4 bln. loss for Libya

- Country has suffered from oil sector blockades since ouster of late ruler Muammar Gaddafi in 2011
30.05.2020 Oil , Upstream , World

Genel Energy receives $10.4 million for KRG oil prod.

- Company’s net payment share amounts to $3.2 million
28.05.2020 Upstream , Oil

Oil prices down as US-China tensions escalate

- On supply side, American Petroleum Institute estimates large crude oil inventory build of 8.7 million barrels
28.05.2020 Upstream , Stock Market , International Relations , Eurasia , Middle East-Africa

Morgan Stanley raises Brent forecast to $40 a barrel

- Rebalancing in oil market is mostly supply rather than demand-driven but it expects further tightening in market, firm says
28.05.2020 Upstream , Stock Market , Americas

OPEC and allies hold oil output cut commitment talks

- OPEC+ must remain committed to adjustments despite signs that demand is recovering from coronavirus slump, Barkindo says
28.05.2020 Upstream , International Organization , Eurasia , Middle East-Africa

Oil giants' loss exceed $20B in 1Q20 due to coronavirus

- Top 12 oil companies also see total revenue decline by $53.5 billion, or 17%, in first quarter of 2020
23.05.2020 Upstream , Transportation/Fuel Oil , World

Number of active US oil, gas rigs at lowest since 1987

- Since March 17, total number of oil and natural gas rigs in US has fallen by 56%
23.05.2020 Upstream , Americas

Oil prices down with coronavirus-related low demand

- Softening of quarantine measures against COVID-19 expected to increase oil demand and push crude prices higher
20.05.2020 Upstream , Stock Market , Americas

US crude oil production forecast to fall in 2020, 2021

- Estimated 0.8 million bpd year-over-year output fall in 2021 would be the largest annual decline in US crude oil production on record
17.05.2020 Upstream , Stock Market , Americas

US oil rig count falls ninth week in a row

- Oil rig count hits lowest level since July 2009
17.05.2020 Upstream , Americas

Petrofac considers cost cuts of $125 million in 2020

- Energy company will also delay majority of 2020 tenders until 2021
16.05.2020 Upstream , Refining/Petro Chemistry

Oil prices up with surprise decline in US crude stocks

- Despite decline in crude inventories, over 82% of capacity is full in US storage hub
15.05.2020 Upstream , Stock Market , Americas

EIA revises up Brent price forecast by $1 for 2020

- International benchmark expected to average $34 per barrel this year
14.05.2020 Upstream , Stock Market , Americas

Saudi Aramco's net income declines 25% in first quarter

- Revenue down 16% year-over-year
12.05.2020 Upstream , Invesments , Middle East-Africa

Oil prices down with weak demand, rising supply glut

- Over 86% of stock capacity is full in major US crude oil storage
12.05.2020 Upstream , Stock Market , Energy Security , Americas

Coronavirus hits US oil sector hard as billions lost

- US crude output already down 1.2 million bpd, while many oil majors announce billions of dollars in net loss for 1st quarter
09.05.2020 Upstream , Invesments , Energy Security , Americas

Total’s net profit decreases 35% in Q1 amid oil crisis

- Company agrees to reduce net investments by 25% to $14 billion in 2020
06.05.2020 Oil , Upstream , Oil , World

Saudi, Russia, US share fight intensifies in oil market

- Weak demand, low prices force Riyadh and Moscow to raise competition in Asian and European oil markets
06.05.2020 Upstream , International Relations , Eurasia , Americas , Middle East-Africa

ENI, Total energy firms postpone drilling in E. Med

-Earlier, ExxonMobil announced postponement of plans to drill in region until September 2021
05.05.2020 Upstream , World , Turkey

Chevron's income up, revenue down in first qtr. of 2020

- Commodity prices fell significantly in March due to reduced demand resulting from COVID-19, CEO says
04.05.2020 Upstream , Stock Market , Americas

ExxonMobil lowers capital spending by $10B amid virus

- Revenue came in at $56.16 billion for first quarter -- down 11.7% from $63.62 billion for same period last year
04.05.2020 Upstream , Invesments , Americas

Oil prices down despite start of OPEC+ output cut

- It is unclear whether production curb by OPEC+ group will be enough to remove oversupply in market
05.05.2020 Upstream , International Organization , Middle East-Africa

Oil prices up as gasoline demand in US rises

- Crude prices gain more than 6% as gasoline inventories show decline
30.04.2020 Upstream , Stock Market , Americas

US energy production exceeds consumption after 62 years

- Production growth largely result of rise in crude oil and natural gas output from hydraulic fracturing, horizontal drilling
30.04.2020 Coal , Upstream , Hydro , Americas

UK oil, gas sector may lose 30,000 jobs: Report

- Companies' capital expenditure could fall to between £3.5-4 billion -- lowest investment since 2000
29.04.2020 Downstream , Upstream , Invesments , Europe

Oil prices down with worries over glut and storage

- As oversupply is rising, storage capacity for crude has been in steady decline
28.04.2020 Upstream , Stock Market , International Organization , Americas

Oil to rise to $40 after OPEC+ cut: Algerian Energy Min

- Energy Minister says global economy will not stay paralyzed following lifting of coronavirus lockdown
28.04.2020 Upstream , Oil , World

OPEC alone cannot address oil crisis: Iranian oil min.

- Bijan Zangeneh says oil crisis needs global cooperation
23.04.2020 Oil , Upstream , Oil , World

Brent oil at $16 a barrel with oversupply, weak demand

- Oil storage levels continue to escalate and available capacity is running out
22.04.2020 Upstream , Energy Security , Americas

Iran forms plan against zero oil income: vice president

-His comments on adjustment to zero oil revenue come after WTI fell Monday into negative territory for first time in history
22.04.2020 Upstream , Oil , World

Brent oil at $24 per barrel with low demand, oversupply

- Price of WTI under futures contract, which expires Tuesday, fell as low as -$37.63 on Monday
21.04.2020 Upstream , Stock Market , Europe

Brent oil price dives below $20 per barrel

- International benchmark hits lowest level since February 2002
22.04.2020 Upstream , Stock Market , International Organization , Americas , Middle East-Africa

Oil prices start week low with weak demand, oversupply

- Oil storage levels see sharp increase over past few weeks, leaving less room for available capacity
21.04.2020 Upstream , International Organization , Eurasia , Middle East-Africa

Woodside Petroleum's revenue falls 20% in Q1 2020

- Australian petroleum company also decides to defer investments on Scarborough project and Pluto LNG expansion to 2021
18.04.2020 Oil , Lng/Lpg , Upstream

Brent oil remains low as record drop in demand expected

- Transportation limitations, quarantines lead to low oil consumption in the world, while market faces rising supply glut
16.04.2020 Upstream , Stock Market , Americas
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