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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 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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US Shale Is Immune To An Oil Price Crash In 2017

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shale in particular—is effectively capping the oil price gains from that agreement. Four months after the OPEC/NOPEC deal took effect, oil prices dropped to the levels preceding the agreement, amid concerns over still stubbornly high inventories and rising U.S.

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bp Statistical Review shows 4.5% drop in primary energy consumption in 2020; mainly driven by oil

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The Review captures the significant impact the global pandemic had on energy markets and how it may shape future global energy trends. World oil production fell for the first time since 2009 by 6.6 Production only increased in a few countries, mainly Norway (260,000 b/d) and Brazil (150,000 b/d). million b/d). The US (-2.3

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Eni report: global oil reserves and oil production up in 2018 due to US

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In 2018, global oil reserves rose slightly (+0.4%), mainly due to growth in the US. also rose in Brazil and Norway. The tight oil production phenomenon continued to increase the share of sweet light crudes, which rose above 20% worldwide. WTI, the US light crude, covers 60% of global growth. recorded in 2013-2017.

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BNEF forecasts EVs to be 35% of global new car sales by 2040; cost of ownership below conventional-fuel vehicles by 2025

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The research estimates that the growth of EVs will mean they represent a quarter of the cars on the road by that date, displacing 13 million barrels per day of crude oil but using 1,900 TWh of electricity. This would be equivalent to nearly 8% of global electricity demand in 2015. Although some 1.3 per year.

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The New Oil Cartel Threatening OPEC

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oil and gas production gives us greater leverage against OPEC,” the Times of India quoted an Indian official as saying last month after the formal start of said talks. What’s more, they might not be alone in this attempt to curb OPEC’s clout on the global oil market. The boom in U.S. Japan is a leader in battery manufacturing.

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