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EIA expects record global petroleum consumption in 2024, with lower crude oil prices

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The US Energy Information Administration (EIA) expects global consumption of liquid fuels such as gasoline, diesel, and jet fuel, to set new record highs in 2024. EIA also expects oil production in Canada, Brazil, and Norway collectively to grow 12% from 2022 to 2024, and also expects growth from new sources such as Guyana.

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Today’s Stunted Oil Prices Could Cause Oil Price Shock In 2020

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As oil prices remain unsteady and OPEC continues to make headlines every hour, the world is focused on oil’s immediate future. shale production will continue to grow along with global demand. shale production will continue to grow along with global demand. by Haley Zaremba for Oilprice.com.

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EIA projects increases in global energy consumption and emissions through 2050

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In its International Energy Outlook 2021 (IEO2021), EIA projects that strong economic growth, particularly with developing economies in Asia, will drive global increases in energy consumption despite pandemic-related declines and long-term improvements in energy efficiency. —Stephen Nalley.

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BP Statistical Review finds global oil share down for 12th year in a row, coal share up to highest level since 1969; renewables at 2%

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Oil remains the world’s leading fuel, but its 33.1% Global energy consumption grew by 2.5% Oil demand grew by less than 1%—the slowest rate amongst fossil fuels—while gas grew by 2.2%, and coal was the only fossil fuel with above average annual consumption growth at 5.4% globally, and 8.4% Source: BP.

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EIA projects world liquid fuels use to rise 38% by 2040, driven by growth in Asia and Middle East; transportation 92% of demand

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Crude and lease condensate includes tight oil, shale oil, extra-heavy crude oil, field condensate, and bitumen (i.e., oil sands, either diluted or upgraded). Other liquids refer to natural gas plant liquids (NGPL), biofuels (including biomass-to-liquids [BTL]), gas-to-liquids (GTL), coal-to-liquids (CTL), kerogen (i.e.,

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EIA expects increased US crude oil production, with continued high petroleum prices in 2022

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Despite the increases in production, EIA expects the Brent crude oil price to remain above $100 per barrel this year, according to the agency’s May 2022 Short-Term Energy Outlook (STEO). EIA forecasts that retail sales of electricity to the industrial sector will grow by 2.8% The Henry Hub natural gas price will average $8.59

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IHS Markit: global oil demand still growing in the short term despite increasing focus on EVs

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Short-term oil demand is still growing strong and will continue to do so through the end of 2020 despite the market’s increasing focus on electric vehicles and the forecasted future plateau in oil demand, according to new analysis from IHS Markit, a global business information provider. Source: IHS Markit 2018.

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