2021-03-03 12:55:00
GLOBAL OIL MARKET: CAUTIOUS OPTIMISM
OPEC - Vienna, Austria, 2 March 2021--The Joint Technical Committee (JTC) held its 49th meeting via videoconference in preparation for the 27th Meeting of the Joint Ministerial Monitoring Committee (JMMC) and the 14th OPEC and non-OPEC Ministerial Meeting (ONOMM) scheduled for Wednesday, 3 March 2021, and Thursday, 4 March 2021, respectively.
HE Mohammad Sanusi Barkindo, OPEC Secretary General, highlighted the improving outlook for the global oil market and the world economy at large, emphasizing the need to stay the course on restoring sustainable oil market stability.
“Both the global economic outlook and oil market prospects show signs of continued improvement,” Barkindo said, adding, “We have come a long way from a year ago. The days of GDP and oil demand figures being in the red because of the pandemic-induced shock appear to be behind us.”
On the global oil market outlook for 2021, Barkindo said: “Oil demand remains on course to grow by 5.8 mb/d to around 96 mb/d,” adding, “The encouraging global economic developments and resilient demand in Asia are upside factors.”
Yet given continued uncertainties, he said: “We must emphasize in strong terms: cautious optimism, cautious optimism, cautious optimism.”
“In our lifetime, we have witnessed seven oil cycles,” he said in his remarks. “We have also seen humans walk on the moon; old rivals on Earth work side-by-side in space; and growing numbers of countries working to expand humanity’s reach to other planets. I am proud to say that one of the newest countries joining the exploration of space is an OPEC Member Country, the United Arab Emirates.”
He continued: “As the Declaration of Cooperation (DoC) participants carry on with the unfinished business of helping to restore sustainable market stability for one of our planet’s most precious commodities, it is important that we continue to work together for the sake of this noble cause. Achieving our goals remains of mutual benefit to participating countries, as well as consumers and the global economy.”
But he stressed that the global COVID-19 pandemic continues to pose downside risks to the recovery, citing data showing that new global infections rose in the last week of February for the first time in seven weeks. “Progress on COVID-19 vaccinations continues in many countries, but the current pace shows that many developing countries risk being left behind. We hold out hope that the multilateral and multiparty efforts will support inclusive and speedy worldwide access to inoculations,” he said.
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Earlier:
2021, March, 2, 12:30:00
OIL DEMAND WILL UP
Oil demand may continue to climb over the next decade even as countries work to comply with the Paris climate agreement’s goals for cutting emissions,
2021, March, 1, 10:50:00
GLOBAL GAS DEMAND WILL UP 50%
Natural gas will overtake coal in 2025 and become the largest global primary energy source by 2047, with oil plateauing around 2040 and then beginning its irreversible decline
2021, February, 10, 11:55:00
OIL PRICES 2021-22: $52-$56
Brent crude oil prices will average $56/b in the first quarter of 2021 and $52/b over the remainder of the year. Brent prices will average $55/b in 2022.
2021, February, 5, 12:40:00
OIL REMAINS THE FUEL
Petroleum remains the most-consumed fuel in the United States, as energy-related carbon dioxide emissions dip through 2035 before climbing in later years.
2021, February, 4, 16:35:00
OIL MARKET WILL BE GOOD: 2021
The global economy is forecast to grow by 4.4 per cent in 2021, a substantial shift from -4.1 per cent last year. “With the crude oil market currently switching into backwardation, we are hopeful that 2021 will be a good year for overall demand,” Barkindo said.
2021, January, 27, 14:10:00
GLOBAL ECONOMY WILL UP 5.5%
The global economy is projected to grow 5.5 percent in 2021 and 4.2 percent in 2022.
2021, January, 22, 11:05:00
GLOBAL HYDROGEN DEMAND UPDOWN
Global hydrogen demand is currently dominated by the refining and ammonia production industries that primarily use natural gas as a feedstock.
