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Oil Demand Growth Set for Strong 2021  | Rigzone

Oil Demand Growth Set for Strong 2021  | Rigzone

Here are Rigzone’s top stories during the last week, just in case you missed them…

Oil Demand Growth to Quintuple Next Year 

Global oil demand growth will drop to 0.44 million barrels per day (MMbpd) this year but more than quintuple to 2.34 MMbpd in 2021, according to a new research note from Standard Chartered. The company highlighted that demand growth of 2.34 MMbpd would be the second strongest annual growth in the past 15 years.

Eni Makes Oil Discovery Offshore Mexico

Eni revealed Monday that it had made a new oil discovery on the Saasken exploration prospect offshore Mexico. Preliminary estimates show that the find, which was made in the Sureste Basin in Block 10, may contain between 200 and 300 million barrels of oil in place. 

Fracking Ban Would Cost Millions of Jobs

The American Petroleum Institute’s Director of Communications, Ben Marter, said a fracking ban would leave working families behind, cost millions of jobs and deliver a major win to countries like Russia. The comment was made ahead of a Democratic presidential debate.

Exxon Cracking Down on Employee Travel

Bloomberg reported that Exxon Mobil Corp. has been scrutinizing employee-travel budgets since the company posted its “worst quarterly profit in almost four years”. Bloomberg highlighted that the austerity measures are unusual for the business. 

Corona Virus Hits Oil Demand and Prices

Rigzone’s contributor Jeremy Bowden took a closer look at the coronavirus’s effect on oil demand and prices. He concluded that the market won’t know the real impact until weeks from now, depending on how well the outbreak is contained.

Here’s What’s Coming

Keep an eye out for these articles on Rigzone later today…

  • Baker Hughes Funds Field Tech Career Program 
  • Calcasieu Pass Compressor Order Goes to Siemens
  • ArcLight and Rattler Midstream Partner on Permian JV   
  • Noble Corp. Shuffles Leadership, Reports 4Q Earnings     
  • Onshore Timor-Leste Campaign Would Be Country’s First
  • AG&P Breaks Ground at Karaikal Port LNG Import Facility            

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