Released July 16, 2021 | SUGAR LAND
en
Energy Market highlights gathered by Industrial Info and IIR Energy
CRUDE OIL
Brent Crude Oil Forecast to Average $72 per Barrel in Second-Half 2021 - In its July Short-Term Energy Outlook (STEO), the U.S. Energy Information Administration (EIA) forecast the Brent crude oil price will average $72 per barrel in the second half of 2021 and $67 per barrel in 2022, both $6 per barrel higher than in the June STEO forecast. The EIA revised global production down by 210,000 barrels per day (BBL/d) in the year's second half, leading to larger forecast inventory draws and smaller forecast inventory builds in 2022, which contributes to the increased price forecast. (EIA)
OPEC Sees World Oil Demand Levels Rising to Pre-Pandemic Levels in 2022 - The Organization of the Petroleum Exporting Countries (OPEC) stuck to its forecast for a strong recovery in world oil demand in the rest of 2021 and predicted oil use would rise in 2022 at similar to pre-pandemic rates, led by growth in the U.S., China and India. OPEC said in its monthly report on Thursday that demand next year would rise by 3.4% to 99.86 million BBL/d, and would average more than 100 million BBL/d in the second half of 2022. (Reuters)
COAL
Last Year Saw Lowest U.S. Coal Production Since 1965 - U.S. coal production totaled 535 million short tons in 2020, a 24% decrease from the 706 million short tons mined in 2019 and the lowest level of coal production in the U.S. in any year since 1965, according to the EIA.
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About IIR Energy
Energy asset information on power plants, oil refineries and natural gas infrastructure is now more important than ever. A unit of Industrial Info Resources, IIR Energy provides infrastructure information on these assets, as well as real-time tracking of planned and unplanned interruptions affecting the commodity-trading community. We are the number one source for information about power plant outages, refinery turnarounds and midstream natural gas disruptions.
About Industrial Info
Industrial Info Resources (IIR), with global headquarters in Sugar Land, Texas, six offices in North America and 12 international offices, is the leading provider of global market intelligence specializing in the industrial process, heavy manufacturing and energy markets. Industrial Info's quality-assurance philosophy, the Living Forward Reporting Principle, provides up-to-the-minute intelligence on what's happening now, while constantly keeping track of future opportunities. Follow IIR on: Facebook - Twitter - LinkedIn.
CRUDE OIL
Brent Crude Oil Forecast to Average $72 per Barrel in Second-Half 2021 - In its July Short-Term Energy Outlook (STEO), the U.S. Energy Information Administration (EIA) forecast the Brent crude oil price will average $72 per barrel in the second half of 2021 and $67 per barrel in 2022, both $6 per barrel higher than in the June STEO forecast. The EIA revised global production down by 210,000 barrels per day (BBL/d) in the year's second half, leading to larger forecast inventory draws and smaller forecast inventory builds in 2022, which contributes to the increased price forecast. (EIA)
OPEC Sees World Oil Demand Levels Rising to Pre-Pandemic Levels in 2022 - The Organization of the Petroleum Exporting Countries (OPEC) stuck to its forecast for a strong recovery in world oil demand in the rest of 2021 and predicted oil use would rise in 2022 at similar to pre-pandemic rates, led by growth in the U.S., China and India. OPEC said in its monthly report on Thursday that demand next year would rise by 3.4% to 99.86 million BBL/d, and would average more than 100 million BBL/d in the second half of 2022. (Reuters)
COAL
Last Year Saw Lowest U.S. Coal Production Since 1965 - U.S. coal production totaled 535 million short tons in 2020, a 24% decrease from the 706 million short tons mined in 2019 and the lowest level of coal production in the U.S. in any year since 1965, according to the EIA.
About IIR Energy
Energy asset information on power plants, oil refineries and natural gas infrastructure is now more important than ever. A unit of Industrial Info Resources, IIR Energy provides infrastructure information on these assets, as well as real-time tracking of planned and unplanned interruptions affecting the commodity-trading community. We are the number one source for information about power plant outages, refinery turnarounds and midstream natural gas disruptions.
About Industrial Info
Industrial Info Resources (IIR), with global headquarters in Sugar Land, Texas, six offices in North America and 12 international offices, is the leading provider of global market intelligence specializing in the industrial process, heavy manufacturing and energy markets. Industrial Info's quality-assurance philosophy, the Living Forward Reporting Principle, provides up-to-the-minute intelligence on what's happening now, while constantly keeping track of future opportunities. Follow IIR on: Facebook - Twitter - LinkedIn.
