Released March 24, 2023 | SUGAR LAND
en
Energy Market highlights gathered by Industrial Info and IIR Energy
CRUDE OIL
WoodMac: China to Account for 40% of This Year's Oil Demand Recovery - China is expected to account for around 40% of the increase in global oil demand this year as its economy emerges from strict lockdowns, but the increased use will not take prices back to 2022 levels, consultancy Wood Mackenzie (WoodMac) said on Thursday. In a base-case scenario, China's economy will grow by 5.5% this year after it lifted its COVID containment strategy, WoodMac said in a report. This would equate to 1 million barrels per day (BBL/d) of a 2.6 million-BBL/d increase in global oil demand this year. A high-growth scenario, under which China's gross domestic product rises by 7%, would add a further 400,000 BBL/d of Chinese demand, the report said. (Reuters)
Venezuela's Commercial Oil Exports Nearly Halted - Expanded oil export contract reviews at Venezuela's state-run PDVSA (Maracaibo, Venezuela) have nearly halted all commercial crude and fuel releases, as officials seek to match past invoices with payments, according to documents and people familiar with the matter. An anti-corruption probe has led to the recent arrests of about 20 PDVSA employees, judges and politicians, and prompted the resignation of powerful oil minister Tareck El Aissami. An oil export suspension that first began in January under El Aissami has worsened, internal documents showed. (Reuters)
U.S. Energy Secretary: It Could Take Years to Refill Strategic Reserve - It could take years for the U.S. to refill the Strategic Petroleum Reserve, the energy secretary told lawmakers on Thursday, after sales directed by President Joe Biden last year pushed the stockpile to its lowest level since 1983. "This year, it will be difficult for us to take advantage of this low price," Energy Secretary Jennifer Granholm told U.S. representatives in a congressional hearing. "But we will continue to look for that low price into the future because we intend to be able to save the taxpayer dollars." Granholm said at the hearing the administration wants to buy oil back at less than $72 a barrel. (Reuters)
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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) is the leading provider of industrial market intelligence. Since 1983, IIR has provided comprehensive research, news and analysis on the industrial process, manufacturing and energy related industries. IIR's Global Market Intelligence (GMI) helps companies identify and pursue trends across multiple markets with access to real, qualified and validated plant and project opportunities. Across the world, IIR is tracking over 200,000 current and future projects worth $17.8 trillion (USD).
CRUDE OIL
WoodMac: China to Account for 40% of This Year's Oil Demand Recovery - China is expected to account for around 40% of the increase in global oil demand this year as its economy emerges from strict lockdowns, but the increased use will not take prices back to 2022 levels, consultancy Wood Mackenzie (WoodMac) said on Thursday. In a base-case scenario, China's economy will grow by 5.5% this year after it lifted its COVID containment strategy, WoodMac said in a report. This would equate to 1 million barrels per day (BBL/d) of a 2.6 million-BBL/d increase in global oil demand this year. A high-growth scenario, under which China's gross domestic product rises by 7%, would add a further 400,000 BBL/d of Chinese demand, the report said. (Reuters)
Venezuela's Commercial Oil Exports Nearly Halted - Expanded oil export contract reviews at Venezuela's state-run PDVSA (Maracaibo, Venezuela) have nearly halted all commercial crude and fuel releases, as officials seek to match past invoices with payments, according to documents and people familiar with the matter. An anti-corruption probe has led to the recent arrests of about 20 PDVSA employees, judges and politicians, and prompted the resignation of powerful oil minister Tareck El Aissami. An oil export suspension that first began in January under El Aissami has worsened, internal documents showed. (Reuters)
U.S. Energy Secretary: It Could Take Years to Refill Strategic Reserve - It could take years for the U.S. to refill the Strategic Petroleum Reserve, the energy secretary told lawmakers on Thursday, after sales directed by President Joe Biden last year pushed the stockpile to its lowest level since 1983. "This year, it will be difficult for us to take advantage of this low price," Energy Secretary Jennifer Granholm told U.S. representatives in a congressional hearing. "But we will continue to look for that low price into the future because we intend to be able to save the taxpayer dollars." Granholm said at the hearing the administration wants to buy oil back at less than $72 a barrel. (Reuters)
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) is the leading provider of industrial market intelligence. Since 1983, IIR has provided comprehensive research, news and analysis on the industrial process, manufacturing and energy related industries. IIR's Global Market Intelligence (GMI) helps companies identify and pursue trends across multiple markets with access to real, qualified and validated plant and project opportunities. Across the world, IIR is tracking over 200,000 current and future projects worth $17.8 trillion (USD).
