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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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EIA expects sustained global demand for petroleum products and Saudi Arabia’s extended voluntary production cuts will contribute to oil prices rising through the year. —EIA Administrator Joe DeCarolis EIA also forecasts global liquid fuels production will increase by 1.4 In 2024, global production increases by 1.7

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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 also expects oil production in Canada, Brazil, and Norway collectively to grow 12% from 2022 to 2024, and also expects growth from new sources such as Guyana.

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EIA forecasts growing liquid fuels production in Brazil, Canada, and China through 2023

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The US Energy Information Administration (EIA) forecasts that liquid fuels production in Brazil, Canada, and China will increase this year and next, contributing to growth in overall non-OPEC petroleum production. The United States will account for about 60% of the growth in combined liquid fuels production in all non-OPEC countries.

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ExxonMobil seeking to boost growth, continue work on lower-emissions technologies including biofuels and carbon capture

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In Guyana, ExxonMobil recently announced the 13 th discovery on the Stabroek block, adding to the previously estimated 5.5 Guyana’s first oil production is on track for early next year, five years after discovery. billion barrels of discovered recoverable resource.