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
Tech Trends: Halliburton’s Carbon Capturing Cement Solution
2024-02-20 - Halliburton’s new CorrosaLock cement solution provides chemical resistance to CO2 and minimizes the impact of cyclic loading on the cement barrier.
The OGInterview: How do Woodside's Growth Projects Fit into its Portfolio?
2024-04-01 - Woodside Energy CEO Meg O'Neill discusses the company's current growth projects across the globe and the impact they will have on the company's future with Hart Energy's Pietro Pitts.
Technip Energies Wins Marsa LNG Contract
2024-04-22 - Technip Energies contract, which will will cover the EPC of a natural gas liquefaction train for TotalEnergies, is valued between $532 million and $1.1 billion.
Valaris Updates Fleet Status
2024-02-19 - The backlog of these contracts and extensions is valued at $1.2 billion.
E&P Highlights: March 4, 2024
2024-03-04 - Here’s a roundup of the latest E&P headlines, including a reserves update and new contract awards.