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

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EIA expects crude oil prices to decrease through 2023 and 2024, even as petroleum consumption increases, largely because growth in crude oil production in the United States and abroad will continue to increase over the next two years. Areas of uncertainty include Russian oil supply and OPEC production.

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EIA expects new production milestones for US crude oil amid sustained global petroleum demand and rising prices

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EIA expects sustained global demand for petroleum products and Saudi Arabia’s extended voluntary production cuts will contribute to oil prices rising through the year. The Brent crude oil price was near $75 per barrel at the beginning of July and increased throughout the month to surpass $86 per barrel on 4 August.

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How crude-oil prices influence gasoline prices

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Gasoline is one of the products refined from crude oil. Thus, the price of crude oil should have a strong influence on the price of gasoline. However, the retail price of gasoline includes other costs as well. Gasoline prices are also influenced by gasoline demand relative to gasoline supply.

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EIA: US crude oil production will increase to new records in 2023 and 2024

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In its January 2023 Short-Term Energy Outlook , the US Energy Information Administration (EIA) forecasts that crude oil production in the United States will average 12.4 In 2022, US crude oil production averaged an estimated 11.9 The forecast of crude oil production in the Permian increases by 470,000 b/d to average 5.7

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Commentary: Could falling oil prices spark a financial crisis?

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The oil and gas boom in the United States was made possible by the extensive credit afforded to drillers. trillion junk-bond market. trillion junk-bond market. As is the nature of the junk-bond market, lots of money flowed to companies with much riskier drilling prospects than, say, the oil majors.

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IHS Markit says outlook for crude oil prices strengthens through 2021

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Oil markets have returned to relatively stable ground with Brent prices within a narrow $40-$45 per barrel range and could conclusively pass the $50 per barrel mark in the second half of 2021, according to Roger Diwan and the IHS Markit Energy Advisory Service. bbl in 2020 and $49.25/bbl bbl in 2021—up $7.09/bbl bbl and $5.25/bbl,

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EIA: International demand will drive US production of petroleum and other liquids through 2050

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EIA projects that the United States will continue to be an integral part of global oil markets and a significant source of supply in these cases, as increased exports of finished products support US production. It also assumes the Brent crude oil price reaches $101 per barrel (b) (in 2022 dollars) by 2050.