WorldOil Moody's: Outlook for the global energy industry revised to positive on higher oil prices, recovery in demand A sustained uptick in commodity prices on the back of a recovering global economy is set to bolster a turnaround in industry fundamentals over the coming 12 to 18 months. Special Focus: 2021 Forecast and Review – Washington Outlook On his first day as President, Biden recommitted the U.S. to the Paris Climate Agreement, rescinded the construction permit for the Keystone XL oil pipeline, and ordered federal agencies to begin reinstating over 100 environmental regulations rolled back by Trump—including ones governing methane leaks from OandG wells and greenhouse gas (GHG) emissions from vehicle tailpipes. U.S. drilling total for 2020 will be lowest in more than 80 years World Oil has finished compiling the 2020 mid-year forecast update for drilling and production and, if projections hold true, the number of oil wells drilled in the U.S. annually will reach lows not seen since the 1930s, or even further back. Special Focus: 2020 Forecast - International Drilling and Production Improved offshore activity, coupled with significant conventional oil development programs operated by NOCs, should push drilling marginally higher in 2020. API: Total U.S. petroleum demand in July highest since 2005 Total U.S. petroleum demand averaged 20.8 MMbpd in July 2019, which represented a 0.9% year-over-year increase and the highest demand for the month since 2005, per the American Petroleum Institute. Oil trader sees demand growth slowing due to trade wars, disruption risks Growth in global oil demand is slowing and won’t exceed 650,000 bpd this year before picking up pace up in 2020, according to Vitol Group’s chief executive officer. EIA: U.S. crude oil production continues to set records U.S. crude oil production in each of the first five months of 2019 showed increases over their 2018 levels, with April 2019 establishing a new monthly record. Production grew the most in the Permian region and the U.S. Gulf of Mexico. McKinsey report sees U.S. gas reach below $3/MMbtu in the next ten years Latest McKinsey Energy Insights report reveals US gas economics will reach below $3/MMbtu in the next ten years due to ample supply, which will support North American gas exports and unlock further demand growth domestically. OPEC sees new oil surplus in 2020 as U.S. shale surges again A week after OPEC agreed to keep oil production restrained until early next year, the group’s first forecasts for 2020 showed it faces an even longer and tougher challenge. Why oil's outlook could be even bleaker than expected As storm clouds gather over the world’s top oil-consuming region, OPEC and its allies would be advised to pay close attention as they prepare to make a key decision on output curbs early next month.