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International Energy Forum Sees 5.2 mb/d Global Oil Demand Shortfall in March And “Stagnant Last Mile Recovery” in 2021
Saudi Arabia: The International Energy Forum (IEF) today issued a report indicating that global oil consumption from transportation fuels in March was still 5.2 million barrels per day (mb/d) below where it was before the COVID-19 pandemic.
The report entitled “Alternative Metrics for Real-Time Assessment of Energy Demand” analyzed data from the Joint Organizations Data Initiative (JODI), Google’s Community Mobility Tracker and Oxford’s COVID-19 Government Response Tracker to estimate the recovery of demand after the 25 percent drop in oil demand caused by the pandemic in April last year.
Crude oil rates rise on weaker dollar, likely drawdown in US stocks
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Last Updated: Apr 20, 2021, 08:45 AM IST
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Buyers using other currencies pay less for dollar-denominated oil when the greenback weakens. Brent crude futures for June delivery rose by 29 cents, or 0.4%, to $67.33 a barrel.
Commodity Summary
SINGAPORE: Oil prices rose on Tuesday as a weaker U.S. dollar supported commodities and on expectations that crude inventories fell in the United States, the world s biggest oil user, though rising coronavirus cases in Asia capped gains.
Brent crude futures for June delivery rose by 29 cents, or 0.4%, to $67.33 a barrel at 0157 GMT.
Saudi crude exports drop to eight-month low in February
Saudi Arabia’s crude oil exports fell to their lowest in eight months in February, the Joint Organisations Data Initiative (JODI) said on Monday, as the world’s biggest oil exporter voluntarily capped output to support oil prices.
Crude exports fell to 5.625 million barrels per day (bpd), their lowest since June 2020 in February, from 6.582 million bpd in the prior month.
Exports had risen for a seventh straight month, to their highest since April 2020, in January.
Crude output for February also dropped to its lowest since June last year at 8.147 million bpd, from 9.103 million bpd in January.
Tuesday, 20 April, 2021 - 10:15
Oil prices hover near $65 a barrel (Reuters) London- Asharq Al-Awsat
Saudi Arabia’s crude oil exports fell to their lowest in eight months in February, the Joint Organizations Data Initiative (JODI) said on Monday.
Crude exports fell to 5.625 million barrels per day (bpd), their lowest since June 2020 in February, from 6.582 million bpd in the prior month.
Monthly export figures are provided by Riyadh and other OPEC members to JODI, which publishes them on its website.
Saudi Arabia, the de facto leader of the Organization of the Petroleum Exporting Countries (OPEC) and allies, voluntarily cut output by one million bpd in February, March, and April as part of a deal with OPEC+ producers after new virus variants cast doubts over fuel demand.
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