OPEC on Tuesday cut its forecast for growth in world oil demand in 2022 citing the impact of Russia’s invasion of Ukraine, rising inflation as crude prices soar and the resurgence of the Omicron coronavirus variant in China.

In a monthly report, the Organization of the Petroleum Exporting Countries (OPEC) said world demand would rise by 3.67 million barrels per day (bpd) in 2022, down 480,000 bpd from its previous forecast.

OPEC Cuts 2022 World Oil Demand Forecast Due to Ukraine War | Devamı>>>

Global oil supplies may be 6% less than expected by 2030 because of delays to investments by energy companies in response to falling crude prices due to the coronavirus crisis, data from energy analysts at Rystad showed.

Oil and gas companies across the world have slashed investment budgets, exiting projects or delaying bringing them onstream to counter a fall in crude prices to record lows due to a supply glut as the coronavirus outbreak destroyed demand.

Global Oil Supply to Fall 6% by 2030 Due to Delayed Projects: Data | Devamı>>>

Brent crude prices topped $70 a barrel for the first time in nearly five months on Thursday as tightening supply continues to offset concerns about slowing global demand and rising US shale production. The international oil benchmark rose as much as 1 per cent to $70.03 a barrel, the highest since mid November.

Its US counterpart, West Texas Intermediate, gained 0.5 per cent to $62.77. Brent has been flirting with the $70-a-barrel milestone this week, with the rally underpinned by Opec’s intentional production cuts and output drops from sanction-hit Venezuela and Iran.

Oil Tops $70 A Barrel for First Time Since November | Devamı>>>

The gas price at Waha registered a low last Thursday of minus $2.50 per million British Thermal Units and closed at minus $1.95, its lowest level since S&P Global Platts started collecting the data back in 1994. The steep negative prices last week were in part caused by equipment failures on one pipeline system and planned maintenance on another, which made it harder to find outlets for unwanted gas.

The fundamental problem in west Texas, however, is that there is a growing oversupply of gas that is a byproduct of booming crude output in the shale oilfields of the Permian Basin.

Shale Boom Cuts Price of Gas to Record Low | Devamı>>>