GLOBAL OIL CONSUMPTION TO AVERAGE 101.4 MILLION BARRELS PER DAY IN 2022
The U.S. Energy Information Administration (EIA) released it short-term Energy outlook for May 2021. The study remains subject to heightened levels of uncertainty because responses to COVID-19 continue to evolve. Economic activity has increased significantly after reaching multiyear lows in the second quarter of 2020.
The EIA estimates that the world consumed 96.2 million barrels per day (b/d) of petroleum and liquid fuels in April, an increase of 15.8 million b/d from April 2020 but 4.0 million b/d less than April 2019 levels. The global consumption of petroleum and liquid fuels will average 97.7 million b/d for all of 2021, which is a 5.4 million b/d increase from 2020. The consumption of petroleum and liquid fuels will increase by 3.7 million b/d in 2022 to average 101.4 million b/d.
U.S. crude oil production averaged 9.9 million b/d in February 2021, which was down by 1.2 million b/d from January. In February, cold temperatures caused significant declines in crude oil production in Texas, as well as smaller declines in other states. The EIA estimates that production outages were generally limited to February and that U.S. crude oil production rose to 10.9 million b/d in March and to almost 11.0 million b/d in April. Because the average price of West Texas Intermediate crude oil remains above $55/b in the forecast, it is expected that producers will drill and complete enough wells in the coming months to offset declines at existing wells. In addition, new projects in the Federal Offshore Gulf of Mexico contribute to rising production in the forecast. U.S. crude oil production will averages 11.3 million b/d in the fourth quarter of 2021 and then rise to average 11.8 million b/d in 2022.
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