The U.S. Energy Information Administration (EIA) on March 12 raised its forecast for U.S. domestic oil growth in 2024 by 90,000 bbl, but lowered its forecast for global oil production growth due to production cuts from OPEC+.
U.S. crude oil production will rise by 260,000 bbl/d to 13.19 MMbbl/d this year, the EIA said in its Short-Term Energy Outlook (STEO). It had previously projected that crude production would rise this year by 170,000 bbl/d.
Production notched an annual record of 13.21 MMbbl/d in 2023.
U.S. crude oil production is expected to rise by 460,000 bbl/d to 13.65 MMbbl/d in 2025, EIA said.
U.S. total petroleum consumption will rise by 200,000 bbl/d to 20.4 MMbbl/d in 2024, in line with previous forecasts, but will rise to 20.6 MMbbl/d in 2025, a 100,000 bbl/d rise from the EIA's previous forecast.
Recommended Reading
Quantum Teams Looking for Acquisitions ‘Off the Beaten Path’
2024-10-14 - Blake Webster, partner at Quantum Capital Group, said the private-equity firm’s portfolio teams are looking to buy from sellers looking for cash buyouts, though not necessarily in the usual places.
Martin Midstream Terminates Merger Agreement Following Pushback
2024-12-29 - Martin Midstream Partners will continue operating as a standalone publicly traded company following termination of its deal to merge with Martin Resource Management Corp.
Exxon Mobil Completes Purchase of FPSO Offshore Guyana
2024-12-19 - Exxon Mobil Corp. paid $535 million to SBM Offshore for the FPSO, which will operate the unit through 2033.
Allete Gets OK From FERC for $6.2B Sale to Canada Pension Plan, GIP
2024-12-20 - Allete Inc. announced its acquisition by the Canada Pension Plan Investment Board and Global Infrastructure Partners in May.
DNOW Closes Cash Acquisition of Water Service Company Trojan Rentals
2024-11-26 - DNOW Inc.’s acquisition of Trojan Rentals LLC is its third purchase aimed at providing a holistic water management solution to the market, the company said.
Comments
Add new comment
This conversation is moderated according to Hart Energy community rules. Please read the rules before joining the discussion. If you’re experiencing any technical problems, please contact our customer care team.