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Global oil oversupply by early 2022 anticipated: EIA

November 14, 2021

Even as oil prices continue their upward momentum, the US Energy Information Administration is predicting an global oversupply situation as soon as the first quarter of 2022.

In its Short Term Energy Update, released Tuesday, the EIA said global oil consumption has exceeded production for five consecutive quarters and would continue to do so through the end of 2021. During the five-quarter shortfall, the agency said, total petroleum stocks among countries in the Organisation for Economic Cooperation and Development fell by 424 million barrels.

https://www.upstreamonline.com/production/global-oil-oversupply-by-early-2022-anticipated-eia/2-1-1096771

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This season of life is full of surprises. Pandemic, war, and rapidly changing oil prices have had their impact on economies worldwide. Today, the United States and Venezuela are entertaining business dealings after more than fifteen years of division. Government officials and some of the biggest players in the world are working on a solution that could solve both country’s problems – Venezuela’s ailing economy and rampant inflation in the U.S. At Houston USA Oil Technologies, we look forward to the evolution of both countries, neighbors in the Americas, and to hiring professionals in all fields of the oil industry.