Connect with us

"Report" studio

EIA raises oil price forecast for 2021

Avatar

Published

on

In the July Short-Term Energy Outlook (STEO), we forecast the Brent crude oil price will average $72 per barrel (b) in the second half of 2021 (2H21) and $67/b in 2022, both $6/b higher than in the June STEO forecast. We revised global production down by 210,000 barrels per day (b/d) in 2H21, leading to larger forecast inventory draws in 2H21 and smaller forecast inventory builds in 2022, contributing to the increased price forecast, Report informs, citing Hellenic shipping news.

In the July STEO, we forecast the Brent crude oil price will average $73/b in the third quarter of 2021 (3Q21) and will fall to an average of $71/b in the fourth quarter of 2021 (4Q21). Also, in the July STEO, we forecast the Brent crude oil price will fall from an average of $69/b in 2021 (up from $65/b in the June forecast) to $67/b in 2022 (up from $60/b in the June forecast). We also expect West Texas Intermediate (WTI) crude oil prices will likely follow a similar path. WTI crude prices are forecast in the July STEO to average $71/b in 3Q21, $6/b higher than in the June STEO. The July STEO expects WTI prices to be $68/b in 4Q21, up to $7/b from the June forecast.

The Brent crude oil price averaged $73/b in June 2021, up to $5/b from May. June was the first month when the Brent price averaged more than $70/b since May 2019. We expect moderate downward oil price pressures will emerge beginning in 2H21, when forecast global oil production will rise, causing inventories to draw at a slower pace. Significantly smaller stock draws in 2H21 than 1H21, and stock builds in 2022 will likely put downward pressure on oil prices. In the July STEO, we forecast implied global stock draws (the difference between consumption and production) of 210,000 b/d in 2H21, a significant increase from average stock draws of 20,000 b/d in last month’s forecast but still significantly less than the average draws of 1.7 million b/d in 1H21. We expect implied stock builds in 2022 will average 460,000 b/d, down from 510,000 b/d in last month’s forecast.

From June to July, we lowered the global petroleum production forecast by nearly 210,000 b/d in 2H21, driving the more extensive stock draws in the forecast. We also lowered our forecast of OPEC production of crude oil, the largest driver of the downward revision, by 110,000 b/d in 2H21. For 2022, we made minor, offsetting revisions to U.S. and OPEC production forecasts, resulting in the global petroleum production forecast remaining at 101.8 million b/d in the July STEO.

Subscribe to our Linkedin page

Continue Reading

"Report" studio

Baku to restrict traffic for two days in some streets and avenues related to Day of Remembrance

Avatar

Published

on

All types of vehicles will be restricted on some streets and avenues on September 26 and 27 to ensure safety in connection with the events dedicated to the Day of Remembrance, the State Traffic Police Department of the Baku Main Police Department told Report.

The event will take place in the capital on the occasion of the Day of Remembrance from 09:00 to 13:00: "The event is planned to be held in the direction of Azneft Circle, Neftchilar Avenue, Kovkeb Safaraliyeva, Yusif Safarov, Uzeyir Hajibeyov, Zarifa Aliyeva, Parliament Avenue, Mehdi Huseyn, Teymur Elchin, Istiqlaliyyet streets, White City Boulevard. Therefore, traffic in these directions, on parallel and adjacent streets, will be restricted for all types of vehicles. We ask citizens not to use personal vehicles."

The traffic police department also noted that due to the events to be held on these streets, traffic would be restricted on September 26 from 07:30 to 10:00 and on September 27 from 06:30 to 14:00.

Subscribe to our Twitter page

Continue Reading

"Report" studio

Gold coins with Merkel’s portrait on sale in Germany

Avatar

Published

on

Souvenir coins made of pure gold with a portrait of German Chancellor Angela Merkel to commemorate the end of the 16-year era of the chancellor have been put on sale in Germany, Report informs, citing RIA Novosti.

The coin shows the years when Merkel was the chancellor: 2005-2021.

The souvenir coins weighing 0.3 grams cost EUR 49.

Germany will hold elections to the Bundestag on September 26. The new government will be formed, and a new chancellor nominated based on the results of the elections.

Subscribe to our Facebook page

Continue Reading

"Report" studio

Taliban urge world to give them 20 months before judging their rule

Avatar

Published

on

The international community should give 20 months to the Taliban movement that seized power in Afghanistan before judging their rule, the newly appointed minister of economy in the Taliban Cabinet Kari Din Mohammad Khanif said, Report informs, citing TASS.

"We do not ask the world to help us or cooperate with us, as the previous regime did. The world community assisted the previous authorities for 20 years, but still, they failed. Let the world give us 20 months and then judge whether we succeeded or not," the member of the radicals' commission on culture Inamullah Samangani quoted the minister on his Twitter page.

Subscribe to our Facebook page

Continue Reading

Facebook

Armenian Aggression6 hours ago

Azerbaijan negotiating on UNESCO Mission’s visit to liberated territories – minister

Armenian Aggression6 hours ago

Int’l organizations should investigate Armenia’s environmental terror – MP

Armenian Aggression6 hours ago

Iran to take part in exhibition on reconstruction of Azerbaijan’s Karabakh

"Report" studio6 hours ago

Baku to restrict traffic for two days in some streets and avenues related to Day of Remembrance

"Report" studio6 hours ago

Gold coins with Merkel’s portrait on sale in Germany

"Report" studio6 hours ago

Taliban urge world to give them 20 months before judging their rule

Armenian Aggression6 hours ago

OIC experts visiting Azerbaijan’s Ganja to view consequences of Armenia’s missile strikes

Armenian Aggression7 hours ago

OIC Commission adopts declaration on results of mission to Azerbaijan

"Report" studio7 hours ago

Bayramov meets with representatives of American Jewish Committee

"Report" studio7 hours ago

MP: President Aliyev, as a leader of victorious country, gives important messages to world

"Report" studio7 hours ago

Meeting of Halk Maslahaty of Milli Gengesh of Turkmenistan held in Ashgabat

"Report" studio7 hours ago

Jean-Yves Le Drian welcomes meeting between Azerbaijani and Armenian foreign ministers

"Report" studio7 hours ago

Azerbaijan vaccinates over 65,000 people in one day

"Report" studio7 hours ago

Azerbaijan reports 1,099 coronavirus cases, 19 deaths

"Report" studio7 hours ago

Azerbaijan, Kyrgyzstan mull cooperation

Trending