Growing global production limits crude oil price increases in the most recent forecast

In the June Short-Term Energy Outlook (STEO), we forecast that rising global production of petroleum and other liquid fuels (driven by OPEC, Russia, and the United States) will limit price increases for global crude oil benchmarks Brent and West Texas Intermediate (WTI). We forecast production will increase more rapidly than consumption, ending the large global stock draws seen in the first two quarters of 2021 and limiting upward crude oil price movement.
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SynEnergy Partners LLC continues to monitor COVID-19 around the clock under the guidance of our Global Crisis and Regional Incident Management teams, and we have responded as a company with compassion for those who may be affected as well as an abundance of caution to limit the spread of the virus.

We are also taking measures to ensure business continuity remains unimpacted during this time.