[20210113]IN11574_2021年石油市场和价格：需求、供应和政策不确定性.pdf

CRS INSIGHT Prepared for Members and Committees of Congress INSIGHTINSIGHTi i Oil Markets and Prices in 2021: Demand, Supply, and Policy Uncertainties January 13, 2021 Oil markets began 2021 following one of the most disruptive years on record. In the first half of 2020, Coronavirus Disease 2019 (COVID-19) pandemic-related demand suppression for oil-derived products (e.g., gasoline, diesel fuel, and aviation fuel) created historically large market imbalances. Petroleum inventories held in commercial storage increased quickly as product prices declined, refining profitability decreased, and crude oil demand collapsed. Oil prices fell rapidly and West Texas Intermediate (WTI) futures settled negative for the first time. Federal policy makers evaluated options to provide financial relief for U.S. oil producers, including exercise of Strategic Petroleum Reserve (SPR) authorities and royalty relief. Nevertheless, companies filed for bankruptcy protection, decreased asset values, and some U.S. refineries announced plans to either close or convert operations to produce renewable fuels. Oil prices began to recover following implementation of a production restraint agreement among the Organ