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Established in 2006 as a Community of Reality

Welcome to the Neno's Place!

Neno's Place Established in 2006 as a Community of Reality


Neno

I can be reached by phone or text 8am-7pm cst 972-768-9772 or, once joining the board I can be reached by a (PM) Private Message.

Established in 2006 as a Community of Reality

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Established in 2006 as a Community of Reality

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    When will OPEC be able to reproduce oil at pre-Corona levels?

    Rocky
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    When will OPEC be able to reproduce oil at pre-Corona levels? Empty When will OPEC be able to reproduce oil at pre-Corona levels?

    Post by Rocky Sun 21 Mar 2021, 8:34 am


    [size=30]When will OPEC be able to reproduce oil at pre-Corona levels?

    2021-03-21
    [/size]
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    Yes Iraq: Baghdad

    The supply of oil stocks may decline, but despite this, the world's major producers will not be able to ease their grip on production, as the recovery witnessed this year will be less than two-thirds of the lost demand in 2020, and the need for production restrictions will remain for many months.
    The world's three major oil agencies (the International Energy Agency, the US Energy Information Administration, and the Organization of Petroleum Exporting Countries) are close to consensus that the global growth in oil demand on an annual basis in 2021 could reach 5.5 million barrels per day, close to the levels expected. When the International Energy Agency began publishing detailed forecasts for this year last July
    On the supply side, the agencies are moving in different directions. While the International Energy Agency and the Energy Information Administration lowered production expectations from outside OPEC in the first quarter by more than 500 thousand barrels per day due to the impact of the winter storm, "Uri" on US production, OPEC raised its estimates by 230 A thousand barrels.
     
    However, looking at the entirety of 2021, the IEA forecast is not in line with its two peers, and it is the only one of the three that does not see a response from the US shale oil sector to the oil price increases that pushed WTI above $ 60 a barrel until the end of the year.
     
    The Energy Information Administration raised its forecast for non-OPEC supply in the second half of 2021 by 500 thousand barrels per day, while OPEC strengthened its expectations by more, and both believe that producers in the US shale oil sector will respond to the high prices with more investment and production.
     
    The International Energy Agency is the only international energy agency that expects an increase in the world's need for OPEC crude this year, at 27.32 million barrels per day, currently, an increase of 210,000 barrels per day over last month's expectations.
     
    However, the producer group does not want to balance supply and demand, but rather wants to drain excess stocks that accumulated during the epidemic, so it is no wonder that the group's production is 2.4 million barrels per day below this level, or that Saudi Arabia decided to extend additional voluntary production cuts until the end of April at least.
     
    The three agencies agree that stocks are declining, and commercial oil inventories decreased by 14.2 million barrels, or 0.5 million barrels per day, in January, according to the International Energy Agency. Global stocks are expected to fall by 1.2 million barrels per day this quarter if OPEC maintains the production level. Last month, at 24.75 million barrels per day.
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