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COVID-19 - News digest as of 22.01.2021

January 22/2021

1. Indian oil imports at near three-year high in December

MOSCOW (MRC) -- Indias crude oil imports in December soared to the highest levels in nearly three years to more than 5 million barrels per day (bpd) as its refiners cranked up output to meet a rebound in fuel demand, reported Reuters with reference to data from trade sources. A boy walks past an oil tanker train stationed at a railway station in Ghaziabad, on the outskirts of New Delhi, India, February 1, 2019. Indias year-end rush for crude supplies coincided with stronger demand from north Asian buyers during winter, boosting prices and an accelerating de-stocking of floating storage globally.

http://www.mrcplast.com/news-news_open-382498.html

2. EIA expects crude oil prices to average near USD50 per barrel through 2022

MOSCOW (MRC) -- In its January Short-Term Energy Outlook (STEO), the U.S. Energy Information Administration (EIA) expects global demand for petroleum liquids will be greater than global supply in 2021, especially during the first quarter, leading to inventory draws, as per Hydrocarbonprocessing. As a result, EIA expects the price of Brent crude oil to increase from its December 2020 average of USD50 per barrel (b) to an average of USD56/b in the first quarter of 2021. The Brent price is then expected to average between USD51/b and USD54/b on a quarterly basis through 2022. EIA expects that growth in crude oil production from members of the Organization of the Petroleum Exporting Countries (OPEC) and partner countries (OPEC+) will be limited because of a multilateral agreement to limit production. Saudi Arabia announced that it would voluntarily cut production by an additional 1.0 million b/d during February and March. Even with this cut, EIA expects OPEC to produce more oil than it did last year, forecasting that crude oil production from OPEC will average 27.2 million b/d in 2021, up from an estimated 25.6 million b/d in 2020.

http://www.mrcplast.com/news-news_open-382574.html


mrcplast.com
Author:Margaret Volkova
Tags:Asia, crude and gaz condensate, petrochemistry, COVID-19, India, USA.
Category:General News
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