article thumbnail

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

Green Car Congress

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). in the commercial sector.

Oil 344
article thumbnail

IHS Markit: global commercial vehicle production to drop 22% in 2020 in wake of COVID-19

Green Car Congress

IHS Markit is forecasting that global commercial vehicle production (GVW 4-8) volumes in 2020 compared to 2019 will be down 22% (more than 650,000 units) to 2.6 These forecasts are informed by the latest IHS Markit global economic forecast updates, which reflect a 3.0% million units, in the wake of the COVID-19 pandemic.

2020 191
article thumbnail

EIA expects global consumption of liquid fuels to surpass 2019 levels in 2022

Green Car Congress

As outlined in its current Short-Term Energy Outlook , the US Energy Information Administration (EIA) estimates that global consumption of petroleum and liquid fuels averaged 92.3 Retail sales of electricity to the commercial sector also grow in the forecast, but they grow at the slightly slower pace of 2.1% million b/d from 2019.

2019 243
article thumbnail

Is A Second OPEC Cut In The Cards?

Green Car Congress

OPEC’s coordinated effort to curtail global supply has so far managed to put a floor under oil prices, which have been sitting modestly above US$50 since the deal was announced at the end of November last year. Analysts and experts are now mostly predicting that oil prices will remain below US$60 this year.

article thumbnail

Chevron leveraging information technology to optimize thermal production of heavy oil with increased recovery and reduced costs

Green Car Congress

Chevron, already the largest thermal heavy oil producer, is optimizing thermal production in heavy oil fields by leveraging information technology to improve the percentage recovery as well as the economics. Using thermal recovery processes in heavy oil reservoirs depends largely on. Oil production. 75,000 bpd.

Chevron 244
article thumbnail

ADB approves $240M to help Kazakhstan modernize transport, improve connectivity

Green Car Congress

The project will reconstruct and upgrade about 299 km (186 miles) of a deteriorated section of the Aktobe–Makat road in the western part of the country, and introduce a modern transport information system to increase road traffic safety and logistics effectiveness.

article thumbnail

Increase in US rig count will not cap oil prices

Green Car Congress

The impact of rising oil prices on North American light tight oil (LTO) production is said to be a “Catch 22”, the title of Joseph Heller’s popular 1961 novel set in WWII. Too many analysts continue to believe drilling and service has the same problem with rising oil prices. by David Yager for Oilprice.com.