The IEA Oil Market Report (OMR) is one of the world's most authoritative and timely sources of data, forecasts and analysis on the global oil market – including detailed statistics and commentary on oil supply, demand, inventories, prices and refining activity, as well as oil trade for IEA and selected non-IEA countries. The commodity price fell through its recent lows as the OPEC remains unable to come up with an output deal to avoid an oil price war. In this pessimistic case, global oil demand could decline by 730,000 barrels per day in 2020. Satellite data show a near 1 mb/d increase in Chinese stocks, reflecting slowing demand. Release Date: 12/23/2020: Next Release Date: 12/30/2020 Average Crude Oil Spot Price is at a current level of 42.30, up from 39.90 last month and down from 60.40 one year ago. However, demand from the aviation sector will continue to suffer from the contraction in global air travel. US oil is trading at $33.15 per barrel, a decline of nearly 20%. In February and into March, Chinese run cuts pressured the price of crude from the Middle East and West Africa in particular. In response to that, the oil benchmark for the 2020 budget had to be reviewed downwards from $57 per barrel to $30 per barrel. The inventory reports due this week could confirm lower purchases and signal a large buildup in stockpiles. Home » Energy » Nigeria cuts March crude prices as export to China shrinks On February 25, 2020 7:37 am In Energy by Rasheed Sobowale Kindly Share This Story: Short-term floating storage of crude oil built 1.9 mb in February to 80.2 mb, most of which is owned by Iran. In the first quarter, China suffers the most with a year-on-year drop in oil demand of 1.8 mb/d as factories shut down and large-scale confinement measures curb transportation. In a more optimistic high case, we assume that the situation comes swiftly under control in China and the most serious contagion remains limited to a few countries, with no serious impact in most of Europe and North America. Travel restrictions and lower industrial activity due to the virus weighed on cracks for jet fuel, diesel and gasoil. Brent crude futures, the global oil benchmark, were down 22%, last trading at $35.45 per barrel. January heating oil fel 1 cent to $1.48 a gallon. Published by N. Sönnichsen, Dec 1, 2020 In October 2020, the average price of one barrel of Brent Crude oil was 40.19 U.S. dollars. While China has taken strong measures in response to the outbreak, the situation appears to be worsening around the world, with more than 60 countries reporting cases. In 1Q20, refining intake has been revised down by 1.2 mb/d, primarily due to China, where February runs are estimated at 10.1 mb/d, down 2.7 mb/d y-o-y. It's now facing the weakest oil price since the first term of President George W. Bush. Download Annual Statistic Supplement 2019 (pdf), Keep up to date with our latest news and analysis by subscribing to our regular newsletter. Bitcoin Skyrockets to New Historical Highs as Bulls Target $30,000, USD/JPY Bounces Off Multi-Year Lows of 102.989 to Trim Weekly Losses, USD/CNY Pulls Back Off Weekly Highs After Chinese NBS PMIs, FX Broker places XRP trades on Close Only Mode, Euro 1Q 2021 Outlook : Will the ECB Stop the Euro Strength, NIKKEI 225 & ASX 200 INDICES OUTLOOK 2021- US DOLLAR FORECAST, Crude Oil Forecast 2021: Coronavirus To Crash With Vaccine Rollout, Drugmakers To Raise Prices For 2021 As Political Pressure, Coronavirus Put Revenues At Threat, Gold, Silver Log Best Annual Gain Since 2010, List Of Best Forex Brokers For Trading Currency in 2021, Best Online Brokers That Offer Oil Trading. New York (CNN Business) The great oil crash of 2020 ain't over yet. In this Report we provide a Low Case and a High Case detailing weaker and stronger outlooks, respectively. This had led to an unprecedented crash in crude oil prices which seriously affected the Federal Government’s 2020 budget implementation. 24 of 1991, CBN Decree Amendments 1993,No. In the past few weeks, Covid-19 (coronavirus) has gone from being a Chinese health crisis to a global health emergency. Section 12 Sub-sections (1) to (5), CBN Act of 2007 (Ammended) Global refining throughput in 2020 is expected to decline for the second consecutive year, falling below 2017 levels as demand for transport fuels plunges in the wake of the coronavirus. Saudi Aramco said its 2019 profit fell 21 percent to $88.2 billion due to lower oil prices and reduced output. Oil Prices 1946-Present. Data are far from complete but, in the first quarter, the visible decline in transport, industrial and commercial activity points to a massive drop in global oil demand of 2.5 mb/d compared with the first quarter of last year. Since the beginning of the year 2020, crude oil prices have hit a major slump. European demand remains subdued in the third quarter, and demand in the United States grows at a slower pace. At this stage, high uncertainty over the course of the outbreak has led us to propose alternatives to our base case – a more pessimistic one in which global measures are less successful in containing the virus; and an optimistic case in which the virus is contained quickly. Total oil stocks stood 2.9 mb above the five-year average and covered 63 days of … Crude oil prices are surging on March 2, following more than a week of selling as the global coronavirus outbreak threatens to slow the world's economic growth. On 8 March 2020, Saudi Arabia initiated a price war with Russia, facilitating a 65% quarterly fall in the price of oil. Earlier this month, the OECD lowered its global economic growth estimate for 2020 by 0.5% to 2.4%, a revision that is factored in to our latest projections. The group’s current 2.1 mb/d of production cuts are due to expire at the end of the month. The immediate outlook for the oil market will ultimately depend on how quickly governments move to contain the coronavirus outbreak, how successful their efforts are, and what lingering impact the global health crisis has on economic activity. In the second quarter, as the situation in China improves, demand deteriorates in some other large economies, such as Japan and Europe. UBS' wealth management arm forecast that Brent crude oil prices could rise by 115% by the end of 2020. By Katrina Ang March 18, 2020, 3:38 am • Posted in Commodities WTI crude oil continues to trend lower inside its descending channel on the 1-hour time frame and is currently testing … 4 crude oil price bulletin - recap march 2020 333 clay, suite 1600 p.o. 2  But they plummeted in the second quarter, closing as low as around $9/b in April, when the price of West Texas Intermediate (WTI) at Cushing in the United States fell to an unprecedented negative price of around -$37/b. Thomson Reuters. Prices are adjusted for Inflation to January 2020 prices using the Consumer Price Index (CPI-U) as presented by the Bureau of Labor Statistics.. CRUDE OIL PRICE BULLETIN (2020-056) CANCELS AND SUPERSEDES 2020-055 Effective 7:00 A.M. March 23, 2020, subject to change without notice and subject to its division orders and other contracts, Plains Marketing, L.P. A statement issued at the end of the meeting made no mention of supply restraint, saying only that further consultations will take place. An worker on offshore oil rig 'Marjan 2' in March … Oil - US Crude IG Client Sentiment: Our data shows traders are now net-long Oil - US Crude for the first time since Dec 09, 2020 when Oil - US Crude traded near 4,590.60. Containment measures imposed in North America, Europe and elsewhere are expected to have a smaller impact on oil demand than those in China. However, RSI is pulling up from the oversold region to indicate that buyers are returning while sellers take a break. The Paris-based watchdog said 2020 oil demand would fall 8.8 million b/d when compared to 2019, to 91.2 million b/d. Crude oil prices & gas price charts. WTI crude oil continues to trend lower inside its descending channel on the 1-hour time frame and is currently testing support. 3 Top Oil Stocks to Buy in March Crude prices tumbled last month, providing investors with a chance to buy these oil stocks at lower prices. At 100 mb/d, output was virtually flat on a year ago, with non-OPEC gains of 2.4 mb/d offsetting declines from OPEC. See Definitions, Sources, and Notes link above for more information on this table. Oil price charts for Brent Crude, WTI & oil futures. It takes longer to control the propagation of the virus, and the contraction in Chinese oil demand eases more slowly in March. The current price of WTI crude oil as of December 21, 2020 is $47.92 per barrel. 4 of 1997,No. In 1Q20, the call is 25 mb/d, 3.5 mb/d below the group’s assumed output for the period. Oil ends higher in choppy trade after larger-than-expected drop in U.S. crude inventories Dec. 30, 2020 at 8:24 a.m. Prince Abdulaziz bin Salman Al-Saud, Minister of Energy of Saudi Arabia arrives for the 178th meeting of the Organization of Petroleum Exporting Countries (OPEC) in Vienna, Austria, on March 6, 2020. 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