Upstream
![Upstream](/cache/11-21/iraq-005.97c324e9.jpg)
2021, November, 15, 11:35:00
IRAQ GAS DEVELOPMENT
The majority of Iraq's gas output is pumped with oil and the associated gas is mostly flared. Iraq was the world's second-worst flaring nation after Russia in 2020, according to the World Bank.
![Upstream](/cache/11-21/rig-019.5b3225b2.jpg)
2021, November, 15, 11:20:00
U.S. RIGS UP 6 TO 556
U.S. Rig Count is up 6 from last week to 556, Canada Rig Count is up 8 from last week to 168.
![Upstream](/cache/11-21/price-0145.b2d9e558.jpg)
2021, November, 12, 12:40:00
OIL PRICE: NEAR $82 ANEW
Brent gained 70 cents, or 0.85%, to $83.34 a barrel , WTI rose 79 cents, or 1%, to $82.13.
![Upstream](/cache/11-21/price-0137.f3998417.jpg)
2021, November, 12, 12:35:00
GLOBAL OIL DEMAND 2021: + 5.7 MBD
World oil demand growth in 2021 is revised lower by around 0.16 mb/d, compared to last month’s assessment, to stand at 5.7 mb/d.
![Upstream](/cache/11-21/oil-008.35e8d4a9.jpg)
2021, November, 12, 12:25:00
LIMITED OIL GAS PRODUCTION
At the end of 2019, combined oil output from ExxonMobil, BP, Shell, Chevron, TotalEnergues, Equinor, ConocoPhillips, and Eni stood at 13.3 million b/d, or about 13% of total global supplies,
![Upstream](/cache/11-21/iran-004.a984abed.jpg)
2021, November, 12, 12:20:00
IRAN GAS INVESTMENT $11 BLN
Gas accounts for around 70% of fuel use in Iran, with the household sector being the largest consumer at up to 400 million cu m/d on cold days, followed by power plants and petrochemical facilities.
![Upstream](/cache/11-21/usa-033.c2060a56.jpg)
2021, November, 12, 12:10:00
U.S. OIL INVENTORIES UP BY 1.0 MB TO 435.1 MB
U.S. commercial crude oil inventories increased by 1.0 million barrels from the previous week to 435.1 million barrels.
![Upstream](/cache/11-21/price-016.c43c2d8f.jpg)
2021, November, 11, 15:15:00
OIL PRICE: NEAR $82
Brent gained 70 cents, or 0.85%, to $83.34 a barrel , WTI rose 79 cents, or 1%, to $82.13.
![Upstream](/cache/11-21/maersk-001.4effa8ca.jpg)
2021, November, 11, 14:40:00
MAERSK, NOBLE COMBINATION
Noble and Maersk shareholders will each hold 50% in the combined entity, which will be named Noble Corp. with headquarters in Houston.
![Upstream](/cache/11-21/price-0122.26b80ca9.jpg)
2021, November, 10, 12:25:00
OIL PRICE: NEAR $85 ANEW
Brent were at $85.22 a barrel, WTI rose 16 cents, or 0.2%, to $84.31 a barrel.
![Upstream](/cache/11-21/price-0321.2c6debee.jpg)
2021, November, 10, 12:20:00
OIL PRICES 2021-22: $82-$72
We expect Brent prices will remain near current levels for the rest of 2021, averaging $82/b in the fourth quarter of 2021. In 2022, we expect that growth in production from OPEC+, U.S. tight oil, and other non-OPEC countries will outpace slowing growth in global oil consumption and contribute to Brent prices declining from current levels to an annual average of $72/b.
![Upstream](/cache/11-21/price-0010.7480081e.jpg)
2021, November, 9, 17:25:00
OIL PRICE: NOT ABOVE $84
Brent rose 31 cents, or 0.4%, to $83.74 a barrel, WTI advanced 36 cents, or 0.4%, to $82.29
![Upstream](/cache/11-21/usa-030.944192e3.jpg)
2021, November, 9, 17:20:00
GLOBAL OIL DEMAND GROWTH
This year, demand for petroleum, both in the United States and globally, has largely returned to the pre-pandemic levels in 2019. Demand has grown faster than supply, reducing inventories and contributing to higher prices for crude oil and petroleum products.
![Upstream](/cache/11-21/gas-012.0fa0a0c2.jpg)
2021, November, 9, 17:15:00
GLOBAL GAS DEMAND GROWTH
"About 50% of the incremental global natural gas demand will come from Asia by 2035, with China and India as the main engines to boost the development of the LNG market," Luo said.
![Upstream](/cache/11-21/price-0319.75146493.jpg)
2021, November, 8, 12:30:00
OIL PRICE: ABOVE $83 ANEW
Brent was up by 86 cents or 1% at $83.60 a barrel, WTI gained 89 cents or 1.1% to $82.16.