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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.

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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. The Brent crude oil price was near $75 per barrel at the beginning of July and increased throughout the month to surpass $86 per barrel on 4 August.

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Report suggests low-speed electric vehicles could affect Chinese demand for gasoline and disrupt oil prices worldwide

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Low-speed electric vehicles (LSEVs) could reduce China’s demand for gasoline and, in turn, impact global oil prices, according to a new issue brief by an expert in the Center for Energy Studies at Rice University’s Baker Institute for Public Policy. “

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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% This change came after OPEC and its partner countries (OPEC+) announced crude oil production cuts for 2023. Despite OPEC+ announcing it would cut crude oil production by 1.2 from its previous forecast. gal and $3.70/gal

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2020 Thanksgiving week gasoline consumption in US lowest since 1997

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Gasoline sales fell 8.4% (nearly 185 million less gallons) from the previous week for the seven-day period ending 28 November, bringing consumption to the lowest level for a Thanksgiving Week in 23 years, going back to 1997. Northeastern gasoline sales dropped 10.1% —Tom Kloza, executive director, IHS Markit.

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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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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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