A surge in COVID-19 cases and the emergence of the Omicron variant will dent global demand for oil, the International Energy Agency (IEA) said on Tuesday, but the broader picture is one of increasing output set to top demand this month and soar next year. “The surge in new COVID-19 cases is expected to temporarily

Global natural gas prices are set for another year of volatility, following 18 months of swings from record lows to record highs. As natural gas demand started to rebound this summer amid depleted stocks in Asia and Europe following a long and cold winter, prices skyrocketed in the autumn to record highs. This forced gas-intensive

On Tuesday, November 23, the White House announced plans to make 50 million barrels of crude oil available to the market through a combination of exchanges and accelerating previously announced sales. With these sales and several other legislated drawdowns, SPR inventories could decline from 618 million barrels (as of October 1, 2021) to about 314

OPEC and its allies may re-evaluate plans for reviving oil supplies if the world’s four largest consuming countries go ahead with a co-ordinated release of their strategic petroleum reserves. India became the latest major consumer to contemplate deploying its stockpiles, potentially assisting the U.S., Japan in a move to dampen the inflationary threat of higher

The European Union will likely include natural gas in its energy transition plans as some member states that are heavily reliant on coal at the moment would need an “intermediary stage”, the head of the EU green deal team Frans Timmermans said, as quoted by Bloomberg. “We will have to also invest in natural gas

The EIA’s Short Term Energy Outlook makes few significant month-on-month changes, although it once again increases its price forecasts for soaring crude oil and gasoline prices. EIA now says gas prices at the pump will average $3/gallon in 2021, up from $2.97 a month ago and up from 2020’s average of $2.18. And it says

Top oil exporters in the Middle East are reaping the benefits of the rally in crude oil prices. For the first time in 2021, the Middle East’s share of crude imports into Asia has risen above 60%. The Middle East is capitalizing on high-priced cargoes from Africa, Europe, and the United States, offering Asia cheaper

Brent oil rallied above US$86 a barrel after Saudi Arabia urged caution in boosting supply, while an eye-watering rally in market structure deepened. The global crude benchmark advanced 0.6 per cent, while West Texas Intermediate hit the highest since 2014. Saudi Arabia’s Energy Minister Prince Abdulaziz bin Salman told Bloomberg Television at the weekend that

The Paris-based International Energy Agency (IEA) has revised up global oil demand forecasts for 2021 and 2022. The current energy crisis could boost demand by 500,000 b/d compared with normal conditions through to the 1st quarter of 2022, the IEA said. In 2022, the highest consumption is forecast to be in the Asia Pacific region

The Organisation of Arab Petroleum Exporting Countries (OAPEC) said on Monday that demand for natural gas in the wider Arab region is rising at its “fastest” pace, with a steady annual growth rate of 4.8 percent. Demand for gas in the region eclipses global demand by more than twofold, the second highest in the world