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Russia Reduces December Crude Output by Most Since Cuts Started
Russia curbed its crude oil output in December by the most since starting its cuts in early 2023, yet the nation still pumped more than its target, according to Bloomberg calculations based on official data. Daily crude production averaged 1.306 million tons last month, said people familiar with data from the Energy Ministry, who spoke on condition of anonymity because the figures aren’t public. That equates to 9.57 million barrels a day, based on the typical 7.33-barrels-per-ton conversion ratio for the nation’s oil. That means Russia’s crude output in December was almost 60,000 barrels a day lower than the ... (full story)
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Electricity generation. We expect solar power to be the leading source of growth in electricity generation in both 2024 and 2025 as 36 gigawatts (GW) and 43 GW of new solar capacity come on line, respectively. The new capacity will boost the solar share of total generation to 6% in 2024 and 7% in 2025, up from 4% in 2023. We forecast that overall U.S. electricity generation will grow by 3% in 2024 and be unchanged in 2025. Driven by our forecast of rising generation from solar and to a lesser extent wind, we expect that electricity generation from coal will decline by 9% in 2024 and by 10% in 2025, due to a combination of higher costs compared with renewables and another 12 GW of coal-fired capacity retiring over the next two years. We expect that electricity generation from natural gas will be unchanged in 2024 and 2025 compared with 2023. U.S. crude oil production. Our forecast of crude oil production in the United States reaches 13.2 million barrels per day (b/d) in 2024 and more than 13.4 million b/d in 2025, both of which would be new records. Production growth continues over the next two years driven by increases in well efficiency. However, growth slows because of fewer a post: U.S. EIA RAISES FORECAST FOR 2024 WORLD OIL DEMAND GROWTH BY 50,000 BPD, NOW SEES 1.39 MLN BPD (YOY) INCREASE U.S. EIA SAYS 2025 WORLD OIL DEMAND TO HIT 103.67 MLN BPD, UP 1.21 MLN BPD FROM 2024 post: #OOTT | #EIA STEO Current Yr Crude F'cast (BPD) Jan: 13.21 (prev 12.93) - Forward Yr Crude F'cast (BPD): 13.44 (prev 13.11) - Current Yr Dry NatGas F'cast (Bcf/d): 105.04 (prev 103.67) - Forward Yr Dry NatGas F'cast (Bcf/d): 106.38 (prev 104.91) https://t.co/lrkVjEAXgd pic.twitter.com/5fLHh9iyZj EIA expects two years of significant growth in solar electric generation in the United States The U.S. Energy Information Administration (EIA) expects solar electric generation will account for 7% of total U.S. electricity generation in 2025, up from 4% in 2023, according to its January Short-Term Energy Outlook (STEO). Developers have reported that almost 80 gigawatts of solar power will come online over the next two years, increasing U.S. solar generating capacity by 84% and making solar the leading source of growth in U.S. electricity generation through 2025. “We are experiencing a significant shift in U.S. electric generation, as solar generation grows rapidly, taking market share from coal and tempering the growth in natural gas usage,” said EIA Administrator Joe DeCarolis. “Coal and natural gas remain important to the U.S. electric grid, even as variable renewable resources such as solar and wind grow.” Other highlights from the January STEO include:
Oil and fuel tanker traffic in the Red Sea was stable in December, even though many container ships have rerouted due to attacks by Iran-aligned Houthi militants, a Reuters ...
Wild weather continues across the US, as two more major storms roll across the country this week. The first system threatens to bring heavy rain and damaging winds across the ...
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- Posted: Jan 9, 2024 12:15pm
- Submitted by:Category: Fundamental AnalysisComments: 0 / Views: 233