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Oil Demand Predicted to Remain Low in 2021 Amid New Lockdowns

Research and Markets
·2-min read

Dublin, Jan. 12, 2021 (GLOBE NEWSWIRE) -- ResearchAndMarkets.com published a new article on the oil industry "Oil Demand Predicted to Remain Low in 2021 Amid New Lockdowns"

The decrease in global petroleum consumption sent oil prices lower in April 2020. As a result, OPEC and other oil producers agreed to cut production levels by 7.7 million bpd to stabilize global oil markets. A meeting on Tuesday January 5th 2021, saw OPEC agree to keep production broadly steady in February and March with production cuts of 7.125 million bpd and 7.05 million bpd respectively, as a result of the surge in COVID-19 cases and the new lockdowns imposed to curb the spread of the virus. In response to the agreement, US oil prices rallied past the $50 mark while Brent, the global oil benchmark, traded at $53.60 per barrel.

The number of oil rigs in operation was down significantly in 2020 and many oil producers have announced reductions in capital spending and drilling activity as a result of weak demand and low oil prices. As more countries re-enter lockdown, analysts are predicting that oil demand and prices will likely remain low in 2021 with a recovery not expected until 2022. This could lead to further industry consolidation in 2021. In 2020, Chevron completed its purchase of Nobel Energy while ConocoPhillips announced that it would acquire shale driller Concho Resources for $9.7 billion and Devon Energy reported it would acquire WPX Energy for $2.6 billion.

The article on ResearchAndMarkets.com contains a selection of reports on the oil industry such as:

  • Crude Oil & Petroleum Canada and USA Report & Database

  • Oil Shale Market Research Report by Process, by Product, by Application - United States Forecast to 2025 - Cumulative Impact of COVID-19

  • Global and Chinese Crude Oil Industry, 2021 Market Research Report

To see the full article and a list of related reports on the market, visit"Oil Demand Predicted to Remain Low in 2021 Amid New Lockdowns"

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