article thumbnail

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

Green Car Congress

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. per gallon in 2024.

article thumbnail

Low oil prices hurting some US shale operations; slumping oil prices putting pressure on drillers

Green Car Congress

The number of active rigs drilling for oil and gas fell by their most in two months, according to the latest data from oil services firm Baker Hughes. There were 19 oil rigs that were removed from operation as of Oct. There are now 1,590 active oil rigs, the lowest level in six weeks.

article thumbnail

IHS Markit: US oil producers to halt 1.75 MMb/d per day of production; Canada to cut 0.5 MMb/d

Green Car Congress

Due to the collapse in oil prices, IHS Markit expects US producers are in the process of curtailing about 1.75 The oil market fear that characterized March and the extreme price pressure that producers felt in April have galvanized producers across North America into unprecedented action. However, nearly 1.4

Oil 186
article thumbnail

S&P Global Commodity Insights raises 10-year production outlook for Canadian oil sands

Green Car Congress

The new forecast, produced by the S&P Global Commodity Insights Oil Sands Dialogue , expects Canadian oil sands production to reach 3.7 Higher oil prices have driven record returns for the Canadian oil sands. Optimizations now dominate the S&P Global Commodity Insights oil sands production growth outlook.

Oil-Sands 221
article thumbnail

2019 NTEA Fleet Purchasing Outlook reveals continued strong demand for biodiesel in diesel trucks

Green Car Congress

Insights from NTEA’s Fleet Purchasing Outlook , provided by fleet professionals across the United States and Canada, give the entire work truck industry perspective on anticipated purchasing intent and areas of greatest interest to fleet managers.

Purchase 207
article thumbnail

TransCanada terminates Energy East Pipeline and Eastern Mainline projects

Green Car Congress

TransCanada Corporation is halting the application process for its proposed Energy East Pipeline and Eastern Mainline projects in Canada. million barrels of crude oil per day from Alberta and Saskatchewan to the refineries of Eastern Canada and a marine terminal in New Brunswick.

Energy 150
article thumbnail

Supply Crunch Or Oil Glut: Investment Banks Can’t Agree

Green Car Congress

This year, shale output forecasts combine with OPEC’s production cuts, geopolitical factors, and unexpected outages to further complicate supply/demand and oil price forecasts by Wall Street’s major investment banks. According to the IEA, supply could lag demand in a few years, which could lead to a surge in oil prices. “

Oil 150