Energy Report: Get Out Of The Way – Investing.com

  • Date: 15-Apr-2021
  • Source: Investing.com
  • Sector:Oil & Gas
  • Country:Gulf
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Energy Report: Get Out Of The Way – Investing.com

 

The IEA says that oil demand in 2021 is forecast to reach 96.7 mb/d, an increase of 5.7 mb/d from 2020. Despite weaker-than-expected data for 1Q21, annual growth has been revised up by 230 kb/d on average to take account of better economic forecasts and robust prompt indicators. The IEA says that the world oil supply rose 1.7 mb/d in March to 92.9 mb/d after the shut-in U.S. output recovered from a cold snap. Further gains from the US, Brazil, and biofuels are set to lift global supply in April, while producers taking part in OPEC+ cuts continue to limit flows. Non-OPEC+ will see gains of 610 kb/d in 2021 after a 1.3 mb/d drop in 2020. U.S. supply is set to fall 100 kb/d after a 600 kb/d loss in 2020.

 

Global refineries caught up with year-earlier levels in March for the first time since 2019, rising by 1 mb/d m-o-m on a strong recovery in the U.S. following February's freeze. At 75.9 mb/d, global refinery runs were nevertheless 4.4 mb/d below March 2019. Crude throughput is forecast to rise by 6.8 mb/d from April to August, resulting in average annual growth of 4.5 mb/d.

 

OECD industry stocks fell for the