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EIA forecasts 2023 global production of liquid fuels to exceed 101 MMb/d for first time

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Energy Information Administration (EIA) increased its forecast for the 2023 Brent crude oil price by 2.5% from its previous forecast. EIA expects the Brent crude oil spot price to average $85 per barrel in 2023, $3 per barrel higher than its March forecast. Despite OPEC+ announcing it would cut crude oil production by 1.2

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EIA expects new production milestones for US crude oil amid sustained global petroleum demand and rising prices

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In its August Short-Term Energy Outlook (STEO), EIA forecasts US crude oil production to average 12.8 million barrels per day in 2023—200,000 barrels per day more than in its July forecast. EIA forecasts the Brent crude oil price to increase the rest of 2023 and to approach $90 per barrel in late 2023. million b/d, with 1.2

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EIA projects global conventional gasoline and diesel LDV fleet will peak in 2038

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In the US Energy Information Administration’s (EIA’s) International Energy Outlook 2021 , released earlier this month, the EIA forecast that the global light-duty vehicle (LDV) fleet will grow from 1.31 of the global LDV fleet in 2020 to 31% in 2050, reaching 672 million vehicles. billion vehicles in 2020 to 2.21

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IEA forecasts global oil demand to reach 101.6 mb/d in 2023; non-OECD countries lead expansion

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The IEA June 2022 Oil Market Report (OMR) forecasts world oil demand to reach 101.6 mb/d in 2023, according to the forecast. Global refining capacity is set to expand by 1 mb/d in 2022 and 1.6 While diesel cracks eased month-on-month in May, both jet fuel and gasoline cracks surged as demand picked up seasonally.

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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 forecasts that the European benchmark Brent crude oil price will average less than $80 per barrel in 2024, more than 20% lower than in 2022. per gallon in 2024.

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

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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 EIA expects that global liquid fuels consumption will grow by 5.3 In the EIA forecast, global consumption of liquid fuels rises by an additional 3.7

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IHS Markit: US gasoline demand could be cut almost in half due to COVID-19

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A sudden drop in miles traveled by car in the US triggered by wide-spread social isolation measures will have immediate ramifications for gasoline demand. IHS Markit analysis finds that US gasoline demand could fall by as much as 4.1 The four-week average US gasoline demand for the week ending 6 March 2020 was 9.1 million units.

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