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
Energy Transfer to Buy Permian Midstream Player WTG for $3.25B
2024-05-28 - Energy Transfer has agreed to purchase WTG Midstream Holdings’ assets, including Midland Basin core infrastructure, from Diamondback Energy, Stonepeak and the Davis Estate in a cash and stock deal.
Baker Hughes to Supply Compression Trains for Algerian Field
2024-05-23 - Baker Hughes will supply 20 compression trains, which are expected to boost gas production at Alergia’s Hassi R’ Mel gas field.
Piñon Midstream Increases Delaware Basin Sour Gas Treating Capacity
2024-05-22 - Piñon Midstream plans to expand operations at Lea County, New Mexico, facility, the company said.
Developer Seeks Permit to Send US Gas to Mexico for LNG Exports
2024-05-22 - The project is the latest in a series of developments to convert U.S. gas into LNG and export it from Mexico's Atlantic and Pacific coasts to meet global demand.