U.S. crude oil inventories decline by 6.432 million barrels as fears of demand have vanished 2022-01-05T18:14:46 oil inventories Oil prices Oil production U.S. crude oil U.S. crude oil inventories decline by 6.432 million barrels as fears of demand have vanished U.S. crude oil inventories decline by 6.432 million barrels as fears of demand have vanished: On Tuesday, Jan 4, 2022 the American Petroleum Institute (API) reported a decline of 6.432 million barrels in U.S. crude stockpiles for this week, exceeding analysts’ forecasts for a decline of 3.40 million barrels. Yet, U.S. crude oil stockpiles declined by 75 million barrels in 2021. In the last week the API reported a decline of 3.09 million barrels in U.S. Oil stockpiles, while analysts expected a decline of 3.233 million barrels. The API declared a rise of 7.061 million barrels in gasoline stockpiles in the week to Dec 31, following the previous week’s draw of 319.000 million barrels. This week, distillate stockpiles rose by 4.340 million barrels while it dropped by 716.000 barrels in the previous week. Cushing stockpiles rose by 2.268 million barrels this week. Evest follows market developments in the following report. Topics: Oil prices for the week Oil production weekly rates Market’s drivers latest decisions The oil sector updates Oil prices for the week The oil markets seem to surge as analysts urge that Omicron’s impact on the global demand will be limited as there are no large-scale closures . For sure infections are rising in the main scopes, but governments are hesitant to apply 2020/2021’s measures again. On Tuesday, oil prices rose before data was published, following OPEC’s decision on Tuesday to add another 400.000 barrels per day to its production. West Texas Intermediate (WTI) crude rose 1.60%, to $77.30 a barrel, $1.30 up throughout the week. Brent crude rose 1.58% to $80.23 a barrel, $1.20 up throughout the week. By the end of the day West Texas Intermediate was for r $77.07 a barrel and Brent crude was for 80.07 a barrel. Oil production weekly rates U.S. Oil production rose slowly but steadily. In the week to Dec 24, the last week the EIA reported data about the production, U.S. Oil production increased to 11.8 million barrels _ 800.000 bpd rise since the year’s beginning. Market’s drivers latest decisions Energy companies borrowed $30.5 billion from the Arabian Gulf countries in 2022, according to Bloomberg, at least this is the highest level in 25 years, as the national regional companies for foreign investment are seeking to fund their aspirant plans. Qatar energy was the leading company amongst the national oil companies, the company sold debentures of $12.5 billion in July, 2021(the biggest offer of start-up markets in the last year) as a part of funding its expansion in the liquefied natural gas energy. Saudi ARAMCO, dominated the borrowing lists in the last years, it came third in 2021 by collecting only $6.5 billion, nearly one third of 2020’s collection. The global shift in the energy field is easing the Middle East producers’ situation, where they traditionally depend on themselves as they sell and share more. While they seek to achieve the maximum level of revenues from their excessive reserves of hydrocarbons. Exxon Mobil, the giant American oil company (NYSE:XOM) proclaimed that it expects for the revenues , of the fourth quarter of 2021 to be $1.9 billion per season, supported by unexpected seasonal revenues of $1 billion from the hike of the natural gas prices. Next Decade crop (NYSE:NEXT), an American liquefied natural gas developer, mentioned that the final decision to invest in its planned project of liquefied natural gas in Rio Grande will be postponed again, actually for the second time, because the low prices of gas hinder signing a long term supplying contracts. The production plans Of Equinor (NYSE:EQNR), the giant Norwegian corp, would be endangered as the European court of human rights interfered to decide, if Equinor’s drilling in the seas of the north pole is a breach for the main freedoms. The oil sector updates OPEC agrees on another rise of production in February OPEC and its allies including Russia agreed to extend the 400.000 barrels monthly output to February, 2022, claiming that the excessive fears of Omicron will not have a big impact on the global demand. OPEC’s new secretary-general promises to maintain OPEC’s compact Haitham Al-Ghais, Kuwait’s oil sector veteran, who was elected recently to be OPEC’s secretary general, instead of the Nigerian Mohammed Barkindo from August 1, 2022 , Al-Ghais, promised to keep OPEC’s compact till the supposed gradual discarding by the end of 2022. Libya falls into the abyss of chaos Libya’s national oil company declared that its production will decrease by 200.000 bpd as the damaged pipeline will be under maintenance, which will force the North African country to decrease its production to the half to about 700.000 bpd amid the surrounding of its western areas. McDermott wins Qatar’s deal to expand the liquefied natural gas McDermott (OTCMKTS:MCdIF), the giant American engineering corp has signed a main contract to establish liquefying facilities in Qatar, to increase its capacity to 126 million tonnes per year. ADNOC finishes Cafren’s oil restoring soon Abu Dhabi national oil company (ADNOC), will expand its capacity to stock crude oil in Al Fujairah, the largest harbor in the country, the crude lies in under surface caves of about 42 million barrels to be stocked. Despite the domestic clashes, Algeria wants to go back to Libya Sonatrach, The national Algerian oil company has declared that it will resume the suspended oil projects in Libya, despite the clashes in Libya on the background of the presidential elections. British Petroleum and Eni get the first position in the licensing round in Egypt British Petroleum (NYSE:BP) and Eni (NYSE:E) were the most active companies in Egypt’s latest licensing round. Eight blocks were specified to the two giants as long as they commit to invest about $250 million. Germany stands one step away from the gradual entire discard of nuclear weapons By pulling the plug on three of its power plants at New Year’s night, Germany now has only three working power stations. It will witness the gradual shut down by 2022, as the European Union has acknowledged nuclear power as a source of sustainable energy.