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(REUTERS) Oil prices rose for a third day on Wednesday as easing of lockdowns in the United States and parts of Europe heralded a boost in fuel demand in summer season and offset concerns about the rise of COVID-19 infections in India and Japan. Brent crude rose 93 cents, or 1.4%, to $69.81 a barrel... Continue Reading →
(Moody's Investor Service) The outlook for the global energy industry has been changed to positive from stable, Moody's Investors Service says in research published Monday. A sustained uptick in commodity prices on the back of a recovering global economy is set to bolster a turnaround in industry fundamentals over the coming 12 to 18 months.... Continue Reading →
(Reuters) The rapid adoption of electric vehicles (EV) around the world will probably cause global oil demand to peak two years earlier than previously expected, Norway's biggest independent energy consultancy Rystad said on Wednesday. World demand is now seen peaking at 101.6 million barrels of oil per day (bpd) in 2026, down from a forecast... Continue Reading →
(Bloomberg) The head of Vitol Group, the world’s biggest independent oil trader, expects crude demand to come roaring back this year and next as the world emerges from the pandemic. Demand for crude will increase by 7 million to 8 million barrels a day by the end of 2022, up from current levels, and producers will... Continue Reading →
(Reuters) -Oil prices surged 5% on Wednesday, after a report from the International Energy Agency, followed by U.S. inventory data boosted optimism about returning demand after the coronavirus lockdowns last year crushed fuel consumption. Brent crude futures rose $3.16, or 5%, to $66.83 a barrel by 1:38 p.m. EDT (1738 GMT). U.S. West Texas Intermediate... Continue Reading →
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(Reuters) - China’s record imports of Iranian crude in recent months has squeezed out supply from rival producers, forcing sellers of oil from countries such as Brazil, Angola and Russia to slash prices and divert shipments to India and Europe. The jump in Iranian volumes took the market by surprise and has capped global oil... Continue Reading →
The move by the OPEC+ group of oil exporters to ease their output restrictions from May onwards is effectively a bet that the current soft demand for crude will improve at the same pace as production returns. If history is a guide, it will be extremely difficult to get that balance correct, especially in the... Continue Reading →
Petróleo Brasileiro S.A – Petrobras informs that it published today its 2020 Sustainability Report. In addition to presenting its operating, economic, social, environmental and governance performance, the report shows Petrobras’ advances in environmental and social indicators and the support in the fight against the effects of the Covid-19 pandemic on Brazilian society, thus expanding the... Continue Reading →
(Bloomberg) --The head of oil trader Gunvor Group Ltd. expects prices to remain stuck where they are as draws of excess stocks slow amid rising coronavirus cases in Europe. “Oil prices are going to stay where they are - 65 ish - give or take a bit,” Torbjorn Tornqvist, the chairman and chief executive officer... Continue Reading →
Brazil Energy Insight 