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Home > Energy Week > Episode 136 - Carbon-neutral snacks | OPEC cuts forecast for 2021 growth in oil demand | Dr. Dean Foreman API
Podcast: Energy Week
Episode:

Episode 136 - Carbon-neutral snacks | OPEC cuts forecast for 2021 growth in oil demand | Dr. Dean Foreman API
Category: Government & Organizations
Duration: 00:46:51
Publish Date: 2020-12-15 07:50:03
Description: Planet FWD debuts carbon-neutral snacks
https://www.axios.com/planet-fwd-carbon-neutral-snacks-f4c6ef3a-c5fe-45d5-925f-055a6b221d62.html
- fully carbon neutral manufacturing process
- Ellen is making “low-carbon” crackers and she would like to pursue seed funding for her venture. PS: low-carbohydrate versions coming soon.

OPEC cuts forecast for 2021 growth in oil demand
https://www.marketwatch.com/story/opec-cuts-forecast-for-2021-growth-in-oil-demand-2020-12-14
- This comes after OPEC decides to raise production 500,000 bpd in January

Iran Sends Ship to Load Venezuela Oil in Defiance of Sanctions
https://finance.yahoo.com/news/iran-sends-ship-load-venezuela-172517460.html
- how long would it take for Venezuela to restore oil production?

Conversation with Dr. Dean Foreman of API on Monthly Statistical Report
- Oil demand in November returned to within the 5 year range
- Gasoline month on month went down despite holiday travel.
- Usually see season decrease in driving between Oct and Nov but this decrease was larger
- Overall demand rose from diesel and distillates because of transportation and industry. Also jet fuel picked up.
- Air travel traffic picked up.
- Other oils: naphtha and gas oils that are used in petrochemicals picked up. Usually 25% of demand in Nov it was up to 30%. Increased petrochemical demand and throughput with it.
- Growth in petrochemical industry in US that we didn’t have 20 years ago.
- Rig count: what is it telling us? Rig count doesn’t look like its high enough to sustain oil production BUT productivity is way up and production has been up. People are drilling their very best rigs with the most productive rigs and equipment.
- Ability to spool back up in Permian Basin and other places. Productivity won’t be as high though, when it returns. But many processes put in place to increase productivity will remain in place.
- Refiners are able to respond to changes in demand conditions. The economy and oil demand go hand in hand. If economy continues to recover, then refiners that can supply the product will increase.
- lowest imports of products+crude in 30 years and lowest crude imports from OPEC. Seen increase in domestic refineries using light, sweet crude oil and adapting to the environment they are given. Narrower international vs. domestic crude oil (Brent vs. WTI) differential.
- Record pipeline gas going to Mexico right now.
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