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BofA - Global Energy Weekly: Eyes on the Spare Supplies


 
OPEC+ s 9mn b/d of spare capacity stands ready to ramp…
In the wake of the 2Q20 oil demand collapse, OPEC+ struck an unprecedented deal to remove nearly 10mn b/d of supply from the market. Now, with Brent trading into the $60-65 range, we expect OPEC+ to counter, adding more than 1.3mn b/d of supply in 2Qe and ramping further into year-end to keep prices and balances in check. Over the medium term, we think OPEC+ coordination will likely continue as the group wields its spare capacity in an effort to manage prices. GCC countries will likely have to carry meaningful spare capacity as demand growth slows and modest non-OPEC+ increases fill the gap.  ....

Godubai Editorial Team , Global Energy Weekly , Energy Weekly , Godubai Editorial , Dubai City , Press Release , Dubai Events , Travel And Tourism , Real Estate , உலகளாவிய ஆற்றல் வாராந்திர , ஆற்றல் வாராந்திர , துபாய் நகரம் , ப்ரெஸ் வெளியீடு , துபாய் நிகழ்வுகள் , கப்பல் போக்குவரத்து , பயணம் மற்றும் சுற்றுலா , ரியல் எஸ்டேட் ,

Oil demand to reach pre-Covid levels by 2023: BofA


Oil demand to reach pre-Covid levels by 2023: BofA
DUBAI, December 23, 2020
While the oil industry is moving in the right direction with a number of refinery closures announced since October, more closures are likely needed, as the global oil demand to reach pre-Covid-19 levels by 2023, said the Bank of America (BofA) in a new report.
Refinery closures span the US, Northwest Europe, and the Asia Pacific region and totalling nearly 1 million barrels per day (b/d) of capacity, according to the latest Global Energy Weekly from BofA Securities.
Meanwhile, a handful of struggling refineries, especially in the Asia Pacific region, have undertaken reviews to determine whether closing or repurposing are better options than continuing refinery operations. ....

New York , United States , America Bof , Tradearabia News Service , Global Energy Weekly , Northwest Europe , Asia Pacific , Northern Hemisphere , Tradearabia News , புதியது யார்க் , ஒன்றுபட்டது மாநிலங்களில் , உலகளாவிய ஆற்றல் வாராந்திர , வடமேற்கு யூரோப் , ஆசியா பெஸிஃபிக் , வடக்கு அரைக்கோளம் ,