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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 forecasts US fossil fuel production to reach new highs in 2023

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After declining in 2020, the combined production of US fossil fuels (including natural gas, crude oil, and coal) increased by 2% in 2021 to 77.14 Crude oil accounted for 30%, coal for 15%, and natural gas plant liquids (NGPLs) for 9%. In 2020, US coal production had fallen to its lowest level since 1964.

Coal 448
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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 million barrels per day set in 2019. 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).

Oil 344
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Rhodium Group estimates US GHG emissions rose 1.3% in 2022

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The year 2022 was marked by the emergence of longer-term economic repercussions of the COVID-19 pandemic and an unexpected war in Eastern Europe that caused turmoil in energy markets. This reversal in 2022 was largely due to the substitution of coal with natural gas—a less carbon-intensive fuel—and a rise in renewable energy generation.

Emissions 273
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EIA expects US motor fuel consumption to increase this summer, but remain below 2019 levels

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The US Energy Information Administration (EIA) forecasts an increase in demand for petroleum products during the 2021 summer driving season as the impacts of COVID-19 diminish in the United States. EIA also forecasts the Brent crude oil price will average $64 per barrel this summer, a 78% increase from last summer’s average of $36 per barrel.

2019 186
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IEA: global energy efficiency progress drops to slowest rate since start of decade

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Energy efficiency has tremendous potential to boost economic growth and avoid greenhouse gas emissions, but the global rate of progress is slowing, according to a new report by the International Energy Agency. Global primary energy demand rose by 2.3% In 2018, higher oil prices helped dampen demand for road transport fuels.

Global 150
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EIA: light duty vehicle energy consumption to drop 25% by 2040; increased oil production, vehicle efficiency reduce US oil and liquid imports

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Energy consumption by light-duty vehicles in the United States, AEO2013 and AEO2014, 1995-2040 (quadrillion Btu). LDV energy consumption declines in AEO2014 Reference case from 16.0 Delivered energy demand for heavy-duty vehicles (HDVs) in AEO2014 increases from 5.3 HDV energy demand is tempered somewhat by an average 0.5%

Oil 290