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

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The US Energy Information Administration (EIA) forecasts that US crude oil production will average 11.9 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). million barrels per day set in 2019.

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68% of primary energy imports to US in 2018 was crude oil; 48% of US energy exports were petroleum products

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The majority (69%) of primary energy imported into the United States in 2018 was crude oil, with petroleum products and natural gas also having significant shares, according to the US Energy Information Administration (EIA). Small amounts of biofuels, electricity, and coal were also imported. Source: U.S.

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EIA expects annual US crude oil production to surpass pre-pandemic levels in 2023

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The US Energy Information Administration (EIA) forecasts that US oil production will average 12.4 million barrels per day during 2023, surpassing the record high for domestic crude oil production set in 2019. EIA also expects OPEC to increase its crude oil production to 28.9 million barrels per day in 2021.

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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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EIA: US fossil fuel consumption fell by 9% in 2020, the lowest level in nearly 30 years

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In 2020, total consumption of fossil fuels in the United States, including petroleum, natural gas, and coal, fell to 72.9 quadrillion British thermal units (Btu), down 9% from 2019 and the lowest level since 1991, according to the US Energy Information Administration (EIA) Monthly Energy Review.

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EIA: US rail traffic reflects increase in crude oil production, decrease in coal use; coal still dominant

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The record increase in US crude oil production during 2012 and the significant decline in coal use for domestic electricity generation were reflected in the movement of those two commodities by rail last year, according to the US Energy Information Administration (EIA). Coal accounted for 37.2% Click to enlarge.

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EIA projects increases in global energy consumption and emissions through 2050

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The US Energy Information Administration (EIA) projects that, absent significant changes in policy or technology, world energy consumption will grow by nearly 50% between 2020 and 2050. Oil and natural gas production will continue to grow, mainly to support increasing energy consumption in developing Asian economies.

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