Posted by on January 13, 2022 8:09 pm
Categories: Breaking News Epoch Times News

Biden Regulatory Uncertainty, Tight Market Supporting High Oil Prices

Crude oil and natural gas prices are off to a hot start this year, driven by strengthening global demand, tighter supplies, and regulatory uncertainty. But some Wall Street institutions and the U.S. Energy Information Administration (EIA) are split on if this momentum can be sustained throughout 2022. In its January Short-Term Energy Outlook (STEO), the EIA projected that crude prices would subside in 2022 and 2023, citing growing global inventory builds and supply outpacing demand. The EIA estimates that supply withdrawals averaged 1.4 million barrels per day (bpd) worldwide last year amid renewed demand. The EIA anticipates that consumption growth will ease as inventories are poised to increase. STEO authors project that global crude production will increase by 5.5 million bpd this year, led by the United States, Russia, and the Organization of the Petroleum Exporting Countries (OPEC). They will represent 84 percent of the growth. Global petroleum consumption will …

Originally appeared on The Epoch Times

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