Busy Week in Oil: Your Saturday Update on the Top 6 Stories

by | Jul 29, 2023 | Production, China, Crude, Demand, Energy, India, News, Oil Prices, OilPrice News (from OilPrice.com), Saudi Arabia, Supply, United States

“It has been a busy week in oil this week. I didn’t even have a chance to get one piece of news out before another one rolled in!” ~ Greg

It has been a busy week in oil & gas! I didn’t even have a chance to get the new news out to you before something else rolled in, so here is an end-of-the-week recap:

Some of the links below go to other posts on my site, but some go to outside sites so you can get all the facts. If we haven’t talked about getting in the game yet, now is the time.

7/25: Goldman Sachs Expects ‘All Time High’ in 2023-2024

In a bold and optimistic projection, Goldman Sachs, a leading financial institution, foresees a significant surge in global oil demand that is expected to propel crude prices to new highs in the near term. Read my blog post for details.

7/25: White House “Mugged by Reality” Regarding Policy on Oil Drilling (CNBC.com)

The funniest quote I have heard in a while! I don’t know how they couldn’t be with the current supply shortages that are expected. It is time to drill, baby drill. $100 oil is just around the corner. Watch the video now over at CNBC.com.

7/27: Serious Problems Forecasted As Demand From China And India Ramps Up

Joseph McMonigle, the friendly-spirited secretary general of the International Energy Forum, explained that while oil demand has bounced back quickly to pre-Covid levels, supply is having a bit of a tough time catching up. Read the rest on my blog post.

7/27: Saudi Arabia Likely To Extend Oil Production Cuts (OilPrice.com)

The production cuts appear to have worked, with oil prices climbing about 12% in the past month to about $83 a barrel. Still, current oil prices might be too low for Saudi Arabia since it needs $100-a-barrel crude to balance its books. Get the details over on OilPrice.com.

7/28: Demand Surge Set To Push Oil Prices Higher This Year (OilPrice.com)

Demand is robust and likely to further strengthen during the third quarter. China and India, the world’s largest and third-largest oil importers, respectively, will be the key drivers of rising oil demand. OilPrice.com has on the details on this one.

The most exciting news of all – just published on my blog this morning:

 

busy week in oil

7/29: Oil Prices March On Past $80 Despite Federal Rate Hike

Analysts had predicted that oil prices would fall after a Fed rate hike, due to expectations of slowing economic growth and oil demand. However, the bullish oil market fundamentals outweighed concerns about economic impacts of higher interest rates. The rate hike itself was not enough to dramatically shift the supply-demand balance. Check out my blog post for the rest.

Thank for reading about the big week in oil. It’s quite a bit of fresh information, so let me know if you have any questions.

Have a great weekend!
Greg

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While supply tightens both organically and artificially, demand for oil is being forecast at higher levels this year than last. The International Energy Agency expects oil demand to hit a record this year and exceed supply in late 2023. Search for the latest.

While the world transitions to more sustainable forms of energy, we continue to get the majority of our energy from oil and gas. Demand for fossil fuels is expected to continue to rise in the coming years, with natural gas demand projected to peak by 2035, according to McKinsey.

Source: https://www.cbinsights.com/research/future-of-the-oil-field 

According to the U.S. Energy Information Administration’s (EIA) International Energy Outlook 2021 (IEO2021), the global supply of crude oil, other liquid hydrocarbons, and biofuels is expected to be adequate to meet the world’s demand for liquid fuels through 2050.

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