The worldwide throughput from refining is set to rise in Q4 2020, reaching 75.8 million barrels per day (bpd), an increase of 2.1 million bpd from the previous quarter, the IEA monthly report said. Despite the growth, the throughput will not balance oil products markets. The demand for transport fuels plummeted due to the Covid-19 lockdown, which placed huge pressure on refiners across the globe.
The shale oil output in US is set to drop to around 7.69 million bpd in November, US Energy Information Administration (EIA ) predicted. The next month’s production will decrease by 123,000 bpd, continuing the decline trend for the third straight month. While majority of the seven shale formations in the country are projected to shrink output, the Eagle Ford basin will be the worst hit, with production expected to drop to lowest levels in seven years. Oil and gas producers in the country have cut down their spending and reduced production this year due to a steep fall in demand as a result of the coronavirus pandemic.
The Petroleum Safety Authority Norway (PSA ) expressed concern about increase in serious incidents in the oil and gas industry, and urged companies to streamline safety precautions. The industry witnessed around 50 incidents so far in 2020, which is four times the number in 2018. According to PSA, the incidents could be due to the adverse impact of the ongoing pandemic on industry safety. The regulator is also conducting inquiry into the incidents.