World oil demand will rise back above 100 million barrels per day, a level last reached in 2019, as soon as the second quarter of next year, according to major forecasters, challenging views that the pandemic may curb oil use for longer or for good. The International Energy Agency, the Organization of the Petroleum Exporting Countries and the U.S. government's Energy Administration all updated their world oil demand and supply estimates in monthly reports in the past week. "Economies are [Read more]

U.S. energy producers have cut so deeply into a once-large reserve of oil wells waiting to be turned on they soon may have to resume drilling to keep production from sagging, executives and analysts said. This would mean an increase in spending which could unsettle investors who have benefited from shale companies' recent prioritization of shareholder returns over ramping up production. Companies, including Diamondback, Pioneer Natural Resource and Devon Energy, for example, have [Read more]

Goldman Sachs said Hurricane Ida had a larger impact on oil production than on refinery demand, causing a net "bullish" impact on U.S. and global storage levels. The investment bank, in a note dated Sept. 9, described the hit to U.S. output as "historically large" and expects almost 40 million barrels of crude production to be lost, with challenges restarting the Mars stream likely until mid-October. U.S. refiners are coming back faster than oil production, a reverse of past storm [Read more]

U.S. energy firms this week added oil and natural gas rigs for a fifth time in six weeks as offshore units in the Gulf of Mexico started to return after Hurricane Ida slammed into the coast. This week, 4 offshore rigs returned in Louisiana, energy services firm Baker Hughes Co said in its closely followed report on Friday. Last week, all 14 offshore oil rigs operating in the Gulf of Mexico shut due to Ida. All of them were located in Louisiana. Overall, the oil and gas rig count has [Read more]