Connection

popular articles

Huasun and ITRAMAS launch 1.5 GW solar projects in Malaysia to accelerate the energy transition
Renewable Land acquires 435 acres in Ohio for major solar project
Renewable energy dominates Dutch electricity production in 2024
Zap Energy raises $130M and launches Century, its fusion platform
Countrywide Hydrogen and Tasmania push for Green Hydrogen

Economic woes lead to a lower price outlook from the U.S. EIA

The U.S. Energy Information Administration (EIA) released its May Short-Term Energy Outlook, revising its 2023 Brent crude oil forecast downward to $78.65 per barrel. Although demand for liquid fuels is expected to increase in 2023, OPEC+ oil production is expected to decline due to voluntary reductions.

Please share:

The U.S. Energy Information Administration cut its 2023 Brent crude oil forecast to $78.65 per barrel, well below the $85 average seen in April, in its May Short-Term Energy Outlook. OPEC+ block oil production is expected to decline by 300,000 barrels per day in 2023, mainly due to voluntary cuts.

Global demand for liquid fuels, driven by China and India, is expected to increase by 1.6 million barrels per day in 2023. The EIA expects the global oil market to return to equilibrium between the third quarter of 2023 and the first quarter of 2024, bringing the price of Brent crude back up from current levels to $75-80 per barrel.

Crude oil inventories to rise from mid-2024

However, the agency expects steady increases in crude oil inventories from the second quarter of 2024 onwards, with global production outstripping global demand, which will put pressure on crude oil prices. The EIA forecasts Brent crude to be at $74.47 per barrel in 2024 and WTI to be at $69.47 per barrel. Gasoline prices are expected to average $3.33/gal this year and $3.09/gal in 2024. Retail gasoline prices for the summer of 2023 are expected to be around $3.40/gal, 20 percent lower than the average for the summer of 2022. Gasoline price volatility is expected to be lower this summer than last year.

Register free of charge for uninterrupted access.

Publicite

Latest news

Ohmium and SwitcH2 Have Finalized a 300 MW Floating Project
Lightsource bp and Google have commissioned the 188 MW Honeysuckle Solar project in St. Joseph County, Indiana.
Tunnel under the English Channel: Getlink Still Weighed Down by Its Electric Cable Activity
Rally in Nantes Against Job Cuts at GE Vernova
The Mexican Senate Adopts Major Reform in the Electricity Sector

Recently published in

Unexpected Drop in U.S. Oil Stocks and Record Production

U.S. crude oil reserves have unexpectedly decreased, while production reaches a record high, solidifying the United States' position as the world's top producer.
Marine Fuel Sales in Panama Rise by 11.2% in September
Marine fuel sales in Panama reached their highest level in September since 2020, supported by strong year-on-year performance in both high sulfur and very low sulfur bunker grades.
Marine Fuel Sales in Panama Rise by 11.2% in September
Marine fuel sales in Panama reached their highest level in September since 2020, supported by strong year-on-year performance in both high sulfur and very low sulfur bunker grades.
Kazakhstan: Kashagan Operator Asks QazaqGaz to Focus on Construction
The international operator of Kashagan urges QazaqGaz to prioritize the construction of processing facilities, as oil production growth projects are delayed.
Kazakhstan: Kashagan Operator Asks QazaqGaz to Focus on Construction
The international operator of Kashagan urges QazaqGaz to prioritize the construction of processing facilities, as oil production growth projects are delayed.
The UK investigates 37 breaches of Russian oil sanctions
The British government has opened 37 investigations into suspected breaches of sanctions imposed on the Russian oil sector, marking an intensification of efforts to enforce restrictions aimed at reducing Russia's oil revenue.
The UK investigates 37 breaches of Russian oil sanctions
The British government has opened 37 investigations into suspected breaches of sanctions imposed on the Russian oil sector, marking an intensification of efforts to enforce restrictions aimed at reducing Russia's oil revenue.

Gasoline Exports to Nigeria Slump amid Dangote Refinery Start Up

Gasoline exports to Nigeria have sharply dropped in October, as the Dangote refinery operates at half capacity, risking a fuel deficit without additional imports.
Reliance Industries: Crude Processing Growth and Challenges in the Chemical Sector
Reliance Industries posted a 1% rise in crude throughput in the third quarter despite unfavorable market conditions affecting its petrochemical business. The O2C division, however, saw its revenues increase by 5.1% year-on-year.
Reliance Industries: Crude Processing Growth and Challenges in the Chemical Sector
Reliance Industries posted a 1% rise in crude throughput in the third quarter despite unfavorable market conditions affecting its petrochemical business. The O2C division, however, saw its revenues increase by 5.1% year-on-year.
Indonesia cuts oil and gas exploration permits to focus on uplift from existing wells
The Indonesian government reduces nearly half of its exploration permits to focus on optimizing and reactivating existing wells, aiming to strengthen national production.
Indonesia cuts oil and gas exploration permits to focus on uplift from existing wells
The Indonesian government reduces nearly half of its exploration permits to focus on optimizing and reactivating existing wells, aiming to strengthen national production.
TotalEnergies Faces Historic Decline in European Refining Margins
TotalEnergies announces a drop in its refining margins in Q3 2024, with a 66% decrease compared to the previous quarter, due to falling prices for petroleum products worldwide.
TotalEnergies Faces Historic Decline in European Refining Margins
TotalEnergies announces a drop in its refining margins in Q3 2024, with a 66% decrease compared to the previous quarter, due to falling prices for petroleum products worldwide.

IEA cuts global refinery runs forecasts

The International Energy Agency (IEA) has lowered its forecasts for global refinery runs due to weak profit margins, particularly impacting China and Europe.
Oil: IEA assures sufficient supply amid geopolitical tensions
The International Energy Agency confirms that the oil market remains stable despite tensions in the Middle East, while preparing to intervene if necessary.
Oil: IEA assures sufficient supply amid geopolitical tensions
The International Energy Agency confirms that the oil market remains stable despite tensions in the Middle East, while preparing to intervene if necessary.
India Diversifies Its Crude Oil Imports with Brazil
India Intensifies Efforts to Increase Crude Oil Purchases from Brazil Despite Competition from Discounted Russian Oil and Logistical Challenges Related to Maritime Transport
India Diversifies Its Crude Oil Imports with Brazil
India Intensifies Efforts to Increase Crude Oil Purchases from Brazil Despite Competition from Discounted Russian Oil and Logistical Challenges Related to Maritime Transport
China’s Peak Oil Demand Looms: Challenges and Perspectives
As China, the world's second-largest oil consumer, may reach a peak in refined product demand by 2027, the implications for the global oil market and prices are significant.
China’s Peak Oil Demand Looms: Challenges and Perspectives
As China, the world's second-largest oil consumer, may reach a peak in refined product demand by 2027, the implications for the global oil market and prices are significant.

US sanctions on Iran to tighten China crude flows and raise shipping costs

US sanctions on Iran to tighten China crude flows and raise shipping costs
OPEC Reduces Growth Forecast for Global Oil Demand in 2024-2025
OPEC Revises Down Its Global Oil Demand Estimates for 2024 and 2025, Forecasting Consumption of 104.1 Million Barrels per Day in 2024, Compared to 102.2 Million in 2023.
OPEC Reduces Growth Forecast for Global Oil Demand in 2024-2025
OPEC Revises Down Its Global Oil Demand Estimates for 2024 and 2025, Forecasting Consumption of 104.1 Million Barrels per Day in 2024, Compared to 102.2 Million in 2023.
Libyan Oil Production Soars After End of Political Conflict
The Russian Deputy Prime Minister announces that the decision to increase oil production by OPEC+ in December remains uncertain, due to market fluctuations and global demand.
Libyan Oil Production Soars After End of Political Conflict
The Russian Deputy Prime Minister announces that the decision to increase oil production by OPEC+ in December remains uncertain, due to market fluctuations and global demand.
TotalEnergies: Oil Peak Between 2030 and 2040, Says Patrick Pouyanné
Patrick Pouyanné, CEO of TotalEnergies, anticipates an oil peak by 2040 while reaffirming the importance of investing in oil and gas, despite the growing prominence of renewable energies.
TotalEnergies: Oil Peak Between 2030 and 2040, Says Patrick Pouyanné
Patrick Pouyanné, CEO of TotalEnergies, anticipates an oil peak by 2040 while reaffirming the importance of investing in oil and gas, despite the growing prominence of renewable energies.

Acid Gas Leak: 2 Dead and 35 Injured in a Texas Refinery

An acid gas leak in a Pemex refinery in Deer Park, Texas, has caused 2 deaths and 35 injuries. Local authorities have issued an alert, and an investigation is underway to determine the causes of the accident.
BP Pessimistic About Its Results
The British giant BP forecasts a decline in its oil sales and refining margins in the third quarter of 2024, impacting its financial results amid falling oil prices.
BP Pessimistic About Its Results
The British giant BP forecasts a decline in its oil sales and refining margins in the third quarter of 2024, impacting its financial results amid falling oil prices.
Next Bridge Hydrocarbons Announces a Letter of Intent to Acquire Louisiana Heritage Play
Next Bridge Hydrocarbons announces the upcoming acquisition of Louisiana Heritage Play, thereby strengthening its presence in Texas, Louisiana, and Oklahoma. This operation aims to optimize exploration and production opportunities for natural gas and oil.
Next Bridge Hydrocarbons Announces a Letter of Intent to Acquire Louisiana Heritage Play
Next Bridge Hydrocarbons announces the upcoming acquisition of Louisiana Heritage Play, thereby strengthening its presence in Texas, Louisiana, and Oklahoma. This operation aims to optimize exploration and production opportunities for natural gas and oil.
Nigeria: Record Increase in Gasoline Prices Amid Economic Crisis
The price of gasoline in Nigeria, Africa's most populous country, has surged again, reaching 998 nairas ($0.62) per liter. This rise follows a previous 45% increase in September, fueling an ongoing economic crisis.
Nigeria: Record Increase in Gasoline Prices Amid Economic Crisis
The price of gasoline in Nigeria, Africa's most populous country, has surged again, reaching 998 nairas ($0.62) per liter. This rise follows a previous 45% increase in September, fueling an ongoing economic crisis.

OMV Petrom and Renovatio finalize two agreements for 1,000 MW renewable energy projects

OMV Petrom strengthens its presence in the renewable energy sector with the acquisition of 50% of Electrocentrale Borzești shares and production assets from Renovatio Group, totaling an installed capacity of 1,018 MW.
Encavis AM Sells a European Wind Farm Portfolio of 48 MW for an Institutional Investor
Encavis Asset Management AG has finalized the sale of a European wind farm portfolio totaling 48 MW, distributed in France and Germany, for the benefit of an institutional investor.
Encavis AM Sells a European Wind Farm Portfolio of 48 MW for an Institutional Investor
Encavis Asset Management AG has finalized the sale of a European wind farm portfolio totaling 48 MW, distributed in France and Germany, for the benefit of an institutional investor.
Russia Deems It Premature to Increase Oil Production in December
The Russian Deputy Prime Minister announces that the decision to increase oil production by OPEC+ in December remains uncertain, due to market fluctuations and global demand.
Russia Deems It Premature to Increase Oil Production in December
The Russian Deputy Prime Minister announces that the decision to increase oil production by OPEC+ in December remains uncertain, due to market fluctuations and global demand.
Siemens Energy Files a Lawsuit Against Citgo and PDV Holding
Siemens Energy sues Citgo Petroleum and PDV Holding in Texas to recover $200 million following a Venezuelan payment default.
Siemens Energy Files a Lawsuit Against Citgo and PDV Holding
Siemens Energy sues Citgo Petroleum and PDV Holding in Texas to recover $200 million following a Venezuelan payment default.

Advertising

LEGAL

FOSSILS

POLICY

RENEWABLE

PLUS

VERVANT

Welcome

Your subscription

Included in this subscription:

COMMUNICATE ON ENERGYNEWS