May 26, 2021 – The 2021 Oilfield & Markets Forum coordinated by IMFORMED covered important issues in the global oilfield mineral supply and demand.
ADI Analytics’ CEO Uday Turaga was invited again this year to speak on “Oil & Gas Market Outlook for 2021.” Key messages for the oil markets contained data to demonstrate demand growth expectations and supply restraints which are both supporting oil price increases, prediction for natural gas prices, shale gas supply growth, E&P capex rising in 2021 from an all-time low, and sustainability risks for operators.
As the country gradually recovers from the COVID-19 pandemic, ADI forecasts crude oil prices between $50-65 for the rest of the year. Demand is also expected to rise due to the growing economy and from travel caused by rising vaccination rates. Furthermore, crude oil supply is expected to rise from 11.3 in 2020 to 11.4-11.7 million bdp this year. Although the industry has been impacted after the oil and gas price crash, U.S oil production is expected to rebound, with increasing rising oil prices ahead.
