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OPEC’s Bullish Demand Data Sparks Hope Of New Oil Rally April 13, 2021
OPEC has revised its 2021 oil demand upward to stand 190,000 bpd higher than last month's estimates, on the back of an economic rebound that surpasses last month's outlook. Global 2021 oil demand is now expected to average 96.46 million bpd for the full year, according to OPEC's latest projects included in its April Monthly […]
WTI Prices Unmoved By Small Crude Draw, Gasoline Build April 13, 2021
The American Petroleum Institute (API) on Tuesday reported a draw in crude oil inventories of 3.608 million barrels for the week ending April 9. Analysts had predicted a draw of 2.889 million barrels for the week. In the previous week, the API reported a draw in oil inventories of 2.618 million barrels after analysts had […]
Ecuador’s Shock Presidential Election Result May Save Its Oil Industry April 13, 2021
Ecuador’s beaten-down petroleum industry has been struggling to recover from a savage 2020 where pipeline failures, the COVID-19 pandemic, corruption scandals, and heightened political uncertainty sharply impacted operations. There were fears that the presidential elections would see poll favorite socialist economist Andres Arauz, the protégé of former President Rafael Correa, emerge victorious from the runoff […]
U.S. State And Local Officials Call On Biden To Ban New Oil Permits April 13, 2021
As many as 375 local and state elected officials are calling on the Biden Administration to institute a ban on new oil and gas drilling permits on federal lands and in federal waters and stop energy infrastructure for fossil fuels. In the first week in office, President Joe Biden paused in January new oil and natural […]