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

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According to EIA’s January Short-Term Energy Outlook (STEO) , global liquid fuel consumption will exceed 100 million barrels per day, on average, in 2023 for the first time since 2019, then average more than 102 million barrels per day in 2024. Areas of uncertainty include Russian oil supply and OPEC production. per gallon in 2024.

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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 million b/d set in 2019. In 2022, US crude oil production averaged an estimated 11.9 million barrels per day (b/d) in 2023 and 12.8 million b/d.

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EIA: US crude oil exports reached record levels in 2020 and remain high in 2021

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In 2013, the US government lifted export restrictions on minimally processed ultra-light oil. In the summer of 2015, the United States and Mexico entered into an oil exchange agreement, and the restrictions on oil exports were fully lifted in December 2015. million b/d every year since 2019.

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EIA: Permian region expected to drive US crude oil production growth through 2019

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The US Energy Information Administration (EIA) August Short-Term Energy Outlook (STEO) forecasts that US crude oil production will average 10.7 million b/d in 2019. In particular, the Permian region in western Texas and eastern New Mexico is expected to account for more than half of the growth in crude oil production through 2019.

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US EIA: US crude oil production fell by 8% in 2020, the largest annual decrease on record

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US crude oil production averaged 11.3 million b/d in 2019, according to the US Energy Information Administration (EIA). The production decline resulted from reduced drilling activity related to low oil prices in 2020. In January 2020, US crude oil production reached a peak of 12.8 million b/d set in 2019.

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EIA expects summer US real gasoline and diesel prices to be the highest since 2014

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As outlined in EIA’s Summer Fuels Outlook , a supplement to the April 2022 Short-Term Energy Outlook , the agency expects the ongoing effects of the COVID-19 pandemic will have a smaller effect on gasoline and diesel consumption in the United States during the 2022 summer season compared with the past two summers.

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CAR: US light-duty vehicle sales to dip in 2019

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million units for 2019. million units in 2021. million units by 2022 and continue an upward trend through 2025. US Light Vehicle Sales, 2015-2018, and CAR’s Forecast, 2019-2025. Solid new housing starts and home prices rebounding to pre-recession levels. CAR projects sales to rebound to 16.8

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