output is still set to hit annual production records in 20, EIA said. oil production gains have slowed due to investor demand for increases in dividends and share buybacks over capital spending. A number of OPEC+ producers (Saudi Arabia, Iraq, UAE, Kuwait, Algeria, Kazakhstan, Oman, and Gabon) surprised the market by announcing voluntary production cuts of 1.16 million b/d in April (OGJ. crude oil production will climb by 720,000 bpd to 12.61 million bpd this year, above a prior forecast calling for a gain of 640,000 bpd. While services and travel should boost gasoline and jet fuel demand growth this year, diesel fuel consumption is set to decline as manufacturing becomes less of a factor in the economy, the agency said.ĮIA projects U.S. total petroleum consumption will rise only by 100,000 bpd to 20.4 million bpd this year, compared with an estimated gain of 200,000 bpd in the May forecast, it said. The EIA raised its price forecast for Brent crude, the international oil benchmark, by 1 a barrel to an average of 79 a barrel for the second half of this year. Trade data are reported extensively by origin and destination. West Texas Intermediate crude prices will average $74.60, a 1.3% increase from EIA's prior estimate. The Oil Information database includes detailed and comprehensive annual data of oil supply, demand, trade, production and consumption by end-user for each OECD country individually and for the OECD regions. Energy mix Electricity mix Fossil fuels Renewables Nuclear Transport Contents Energy production mainly the burning of fossil fuels accounts for around three-quarters of global greenhouse gas emissions.
The production cuts by the group known as OPEC+ will slightly reduce global oil inventories in each of the next five quarters and boost global oil prices in late-2023 and early-2024, the agency predicted in its Short-Term Energy Outlook.īrent crude prices will average $79.54 a barrel in 2023, about 1% higher than previously forecast, and U.S. Saudi Arabia will pare 1 million barrels per day (bpd) from its July output to stabilize oil markets, it said. Energy Information Administration (EIA) said on Tuesday.ĮIA issued the new outlook after the Organization of the Petroleum Exporting Countries (OPEC) and allies extended output cuts through 2024. Overview Data Analysis & Projections Find statistics on crude oil, gasoline, diesel, propane, jet fuel, ethanol, and other liquid fuels. U.S crude oil production this year will rise faster and demand increases will cool compared to prior expectations, the U.S.
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