11272020Fri
Last updateWed, 25 Nov 2020 4pm

China to Surpass U.S. as Largest Oil Refiner in 2021

“The Covid crisis has hastened a seismic shift in the global refining industry as demand for plastics and fuels grows in China and the rest of Asia, where economies are quickly rebounding from the pandemic,” World Oil reports.

“In contrast, refineries in the U.S and Europe are grappling with a deeper economic crisis while the transition away from fossil fuels dims the long-term outlook for oil demand.”


IEA Cuts Oil Demand Forecast Over Virus Concerns

Weak historical data and the resurgence of COVID-19 in Europe and the United States led the International Energy Agency (IEA) to revise down its near-term global demand outlook by 0.4 mb/d in 3Q20, 1.2 mb/d in 4Q20 and 0.7 mb/d in 1Q21. The IEA now expects demand to decrease by 8.8 mb/d in 2020 (versus 8.4 mb/d in last month’s Report) and to rise by 5.8 mb/d in 2021 (versus 5.5 mb/d last month). Vaccines are unlikely to significantly boost demand until well into next year.

Oil, Gas Permits Increase Ahead of Upcoming Biden Administration

According to Evercore ISI, “U.S. explorers during October increased their oil and gas permit requests for the third month in a row, with an uptick in developing leaseholds on federal lands,” Natural Gas Intelligence reports.

“The gains in federal land requests preceded the election of Democrat Joseph R. Biden Jr., who has said he would seek to ban drilling on federal lands.”

Global Chemicals Output Rises in September

Data collected and tabulated by the American Chemistry Council show that global chemicals production rose 1.5% in September, a slower pace from August, but extending the global recovery that began in June. During September, chemical production showed fairly strong growth in every region. Headline global production was stable year-over-year on a three-month moving average basis, but off 0.9% from the peak December level. Global output stood at 117.5% of its average 2012 levels.

Construction of Mountain Valley Pipeline Blocked by Appeals Court

A ruling issued by the U.S. Court of Appeals for the Fourth Circuit states that, “water crossing permits issued for the Mountain Valley Pipeline have been put on holding pending an appeal by environmental groups that argue the project puts protected species at risk,” Bloomberg Law reports.

“The pipeline, once completed, is planned to transport natural gas from West Virginia to southern Virginia, according to the project’s website.”

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