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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. Our forecast for global consumption of petroleum depends on uncertain economic conditions—especially in China. —EIA Administrator Joe DeCarolis.

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Global Carbon Project: Global carbon emissions growth slows, but hits record high

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Driven by rising natural gas and oil consumption, levels of CO 2 are expected to hit 37 billion metric tons this year, according to new estimates from the Global Carbon Project (GCP), an initiative led by Stanford University scientist Rob Jackson. and China account for more than half of all carbon dioxide emissions globally.

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ICCT LCA study finds only battery and hydrogen fuel-cell EVs have potential to be very low-GHG passenger vehicle pathways

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The ICCT has conducted a comprehensive global and temporal life-cycle assessment of GHG emissions from a variety of alternative passenger car powertrains and fuels. This study considers the fuel and electricity consumption in average real-world usage instead of solely relying on official test values.

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IEA: global oil demand to decline in 2020 as coronavirus weighs on markets

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Global oil demand is expected to decline in 2020 as the impact of the new coronavirus (COVID-19) spreads around the world, constricting travel and broader economic activity, according to the International Energy Agency’s (IEA’s) latest oil market forecast. The IEA now sees global oil demand at 99.9

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

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Low global oil inventories coupled with continued high demand for gasoline, diesel, and other petroleum products means that increased production likely won’t have much impact on prices in the short term. EIA forecasts that retail sales of electricity to the industrial sector will grow by 2.8% and by 1.5% in summer 2021.

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BP Statistical Review finds global oil share down for 12th year in a row, coal share up to highest level since 1969; renewables at 2%

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Coal’s market share of 30.3% Global energy consumption grew by 2.5% Oil demand grew by less than 1%—the slowest rate amongst fossil fuels—while gas grew by 2.2%, and coal was the only fossil fuel with above average annual consumption growth at 5.4% globally, and 8.4% was the highest since 1969. Source: BP.

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

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We expect global demand for petroleum products to return to and surpass pre-pandemic levels this year, but crude oil production grows at a faster rate in our forecasts. We expect that as crude oil production increases, inventories will begin to replenish and help push prices lower for gasoline, jet fuel, and other products in the short term.

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