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
Exclusive: Why Family Offices Favor ‘Lower-Risk’ Oil, Gas Investments
2024-11-22 - Evan Smith, Stephens’ senior vice president for investment banking, describes growth in the company’s network of family offices, specifically those investing in the energy sector, in this Hart Energy Exclusive interview.
RWE Acquires Majority Interest in R3 Renewables
2024-11-21 - RWE said it will acquire seven potential renewable projects in Indiana and Illinois.
Exxon to Invest Over $200MM Toward Advanced Recycling Units in Texas
2024-11-21 - Exxon Mobil Corp.’s new operations, in Baytown and Beaumont, will bring the company’s capacity to 500 million pounds per year.
Electrification of Permian Faces a Problem: Not Enough Shock for the System
2024-11-21 - Permian Basin producers may have to wait years for Texas utilities to grow the grid.
SolarBank Plans for 4.6-MW Solar Project in New York
2024-11-21 - SolarBank Corp. is developing Stone Church, a 4.6-megawatt direct current ground-mount solar project in New York.
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.