article thumbnail

EIA forecasts crude oil prices will decline through 2023

Green Car Congress

Global oil consumption outpaced oil production for the six consecutive quarters ending with the fourth quarter of 2021 (4Q21), which has led to persistent withdrawals from global oil inventories and significant increases in crude oil prices.

article thumbnail

EIA forecasts rising global oil production will limit price increases

Green Car Congress

In the June Short-Term Energy Outlook (STEO), the US Energy Information Administration (EIA) forecasts that rising global production of petroleum and other liquid fuels (driven by OPEC, Russia, and the United States) will limit price increases for global crude oil benchmarks Brent and West Texas Intermediate (WTI). million b/d in 2022.

Oil 243
article thumbnail

EIA forecasts US fossil fuel production to reach new highs in 2023

Green Car Congress

Based on forecasts in its latest Short-Term Energy Outlook (STEO), the US Energy Information Administration (EIA) expects US fossil fuel production to continue rising in both 2022 and 2023, surpassing production in 2019, to reach a new record in 2023. quadrillion British thermal units. US NGPL production increased by 4% in 2021.

Coal 448
article thumbnail

Albemarle ups lithium demand forecast to 3.7 MMt in 2030, calls for higher prices to support new projects to meet demand gap

Green Car Congress

In its 2023 Strategic Update , Albemarle Corporation raised its forecast for 2030 global lithium demand (LCE, lithium carbonate equivalent) to 3.7MMt—an increase of 15% from its previous forecast due to the impact of the US “Inflation Reduction Act” and strong EV demand.

Price 397
article thumbnail

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

Green Car Congress

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. per gallon.

Oil 370
article thumbnail

EIA expects significant increases in US wholesale electricity prices this summer

Green Car Congress

The US Energy Information Administration (EIA) forecasts that prices in US wholesale electricity markets this summer will significantly increase over last summer’s prices. EIA forecasts summer electricity prices will average $98/MWh in California’s CAISO market and $90/MWh in the ERCOT market in Texas.

Price 476
article thumbnail

Battery-grade lithium carbonate forecast to trade at $74K/tonne in 12 months

Green Car Congress

Trading Economics global macro models and analysts expectations forecast battery-grade lithium carbonate to trade at 504,813 CNY (US$74,000) per tonne in 12 months time. Lithium carbonate is forecast to trade near its high. Lithium is expected to trade at 484,185.00 by the end of this quarter. Earlier post.). Source: Trading Economics.

Carbon 483