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Short-Term Energy Outlook
Global oil prices. We expect voluntary OPEC+ crude oil production cuts and ongoing geopolitical risks will keep the Brent crude oil spot price near $90 per barrel (b) for the remainder of 2024 before falling to an average of $85/b in 2025 as global oil production growth picks up. • Global oil production tables. This month we are publishing streamlined global oil data tables. These tables provide a more complete breakout of OPEC+ production data and provide a new breakout of world crude oil and other liquid fuels production. • U.S. retail gasoline prices. Across the United States, we forecast that retail gasoline ... (full story)
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#OOTT | EIA STEO Current Yr Crude F'cast (Bpd) May: 13.20 (prev 13.21)
— LiveSquawk (@LiveSquawk) May 7, 2024
- Forward Yr Crude F'cast (BPD): 13.73 (prev 13.72)
- Current Yr Dry NatGas F'cast (Bcf/d): 102.99 (prev 103.58)
- Forward Yr Dry NatGas F'cast (Bcf/d): 104.79 (prev 104.88)
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EIA expects electricity growth to be mostly met by renewables
The U.S. Energy Information Administration (EIA) expects electricity generation will grow by about 3% in 2024 and 1% in 2025. Renewable energy sources—chiefly solar—will supply most of that growth. EIA expects electricity from solar, wind, and hydropower combined to account for 22% of total U.S. generation in 2024, increasing to 24% in 2025. Electricity from those three sources had made up 21% of U.S. generation in 2023. EIA forecasts solar will provide 41% more electricity in 2024 than in 2023. Generation from wind grows 5% in 2024 in EIA’s May forecast, but if wind speeds differ significantly from ... (full story)