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COVID-19 - News digest as of 16.10.2020

October 16/2020

1. Crude tests six-week highs as fundamental outlooks tighten

MOSCOW (MRC) -- Crude oil futures settled higher Oct. 14 as fundamental outlooks turned more bullish amid reports of improved OPEC+ quota compliance and rising Chinese crude demand, reported S&P Global. Oil climbed in a late session rally following a Reuters report stating OPEC+ producers achieved 102% quota compliance in September. The latest S&P Global Platts survey Oct. 9 found compliance reached 99% last month, led by the Gulf states, but discipline from Russia and some African producers continued to slip. Russian energy minister Alexander Novak said Oct. 14 that OPEC+ did not expect the second coronavirus wave to impede plans to increase oil output gradually.

2. Oil demand to peak by 2040 as transport demand stagnates post-coronavirus: IEEJ

MOSCOW (MRC) -- Global oil demand is forecast to peak by around 2040 because transport-fuel demand will decline steeply and economic growth will slow in the post-coronavirus world, the Institute of Energy Economics, Japan, said in its annual IEEJ Outlook 2021 on Oct. 15, reported S&P Global. "In the post-coronavirus era, we expect demand for transport fuels will be curbed significantly," Shigeru Suehiro, senior economist and manager at IEEJ"s econometric and statistical analysis group, told an online press briefing. "We see oil demand peaking in around 2040 as a result of a slowing economy, together with less fuel demand for cars, aircraft and ships." In its post-pandemic scenario, the IEEJ forecasts global oil demand will peak at 106 million b/d in 2040 and fall further to 102 million b/d in 2050 mainly due to dwindling demand for cars, Suehiro said.

3. Refinery in Croatia to undergo maintenance from November

MOSCOW (MRC) -- Croatia"s Rijeka refinery will be optimizing its operations from November "for a few months" and during that period will "perform regular technological activities at process units such as catalyst regeneration and preparation of these plants for the new processing cycle in 2021 through regular maintenance work," reported S&P Global with reference to the company"s statement late October 7. Earlier local media reported that the refinery will temporarily halt production between November and January due to reduced demand caused by the spring lockdown and a weak tourist season.
Author:Margaret Volkova
Tags:Asia, Near East, crude and gaz condensate, COVID-19, China, USA, Croatia, Japan.
Category:General News
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