• 6 hours Oil Pares Gains After API Reports Surprise Crude Inventory Build
  • 6 hours Elon Musk Won’t Get Paid Unless Tesla Does “Extraordinarily Well”
  • 7 hours U.S. Regulators Keep Keystone Capacity Capped At 80 Percent
  • 7 hours Trump Signs Off On 30 Percent Tariff On Imported Solar Equipment
  • 9 hours Russian Funds May Invest In Aramco’s IPO To Boost Oil Ties
  • 10 hours IMF Raises Saudi Arabia Growth Outlook On Higher Oil Prices
  • 12 hours China Is World’s Number-2 In LNG Imports
  • 23 hours EIA Weekly Inventory Data Due Wednesday, Despite Govt. Shutdown
  • 1 day Oklahoma Rig Explodes, Leaving Five Missing
  • 1 day Lloyd’s Sees No Room For Coal In New Investment Strategy
  • 1 day Gunmen Kidnap Nigerian Oil Workers In Oil-Rich Delta Area
  • 1 day Libya’s NOC Restarts Oil Fields
  • 1 day US Orion To Develop Gas Field In Iraq
  • 4 days U.S. On Track To Unseat Saudi Arabia As No.2 Oil Producer In the World
  • 4 days Senior Interior Dept. Official Says Florida Still On Trump’s Draft Drilling Plan
  • 4 days Schlumberger Optimistic In 2018 For Oilfield Services Businesses
  • 4 days Only 1/3 Of Oil Patch Jobs To Return To Canada After Downturn Ends
  • 4 days Statoil, YPF Finalize Joint Vaca Muerta Development Deal
  • 4 days TransCanada Boasts Long-Term Commitments For Keystone XL
  • 4 days Nigeria Files Suit Against JP Morgan Over Oil Field Sale
  • 5 days Chinese Oil Ships Found Violating UN Sanctions On North Korea
  • 5 days Oil Slick From Iranian Tanker Explosion Is Now The Size Of Paris
  • 5 days Nigeria Approves Petroleum Industry Bill After 17 Long Years
  • 5 days Venezuelan Output Drops To 28-Year Low In 2017
  • 5 days OPEC Revises Up Non-OPEC Production Estimates For 2018
  • 5 days Iraq Ready To Sign Deal With BP For Kirkuk Fields
  • 5 days Kinder Morgan Delays Trans Mountain Launch Again
  • 6 days Shell Inks Another Solar Deal
  • 6 days API Reports Seventh Large Crude Draw In Seven Weeks
  • 6 days Maduro’s Advisors Recommend Selling Petro At Steep 60% Discount
  • 6 days EIA: Shale Oil Output To Rise By 1.8 Million Bpd Through Q1 2019
  • 6 days IEA: Don’t Expect Much Oil From Arctic National Wildlife Refuge Before 2030
  • 6 days Minister Says Norway Must Prepare For Arctic Oil Race With Russia
  • 6 days Eight Years Late—UK Hinkley Point C To Be In Service By 2025
  • 6 days Sunk Iranian Oil Tanker Leave Behind Two Slicks
  • 6 days Saudi Arabia Shuns UBS, BofA As Aramco IPO Coordinators
  • 7 days WCS-WTI Spread Narrows As Exports-By-Rail Pick Up
  • 7 days Norway Grants Record 75 New Offshore Exploration Leases
  • 7 days China’s Growing Appetite For Renewables
  • 7 days Chevron To Resume Drilling In Kurdistan
The Gemstone Sector Could Be Set To Boom

The Gemstone Sector Could Be Set To Boom

It has become accepted wisdom…

Nord Stream 2 Is A Game Changer For Gazprom

Nord Stream 2 Is A Game Changer For Gazprom

Gazprom had a wildly successful…

Zainab Calcuttawala

Zainab Calcuttawala

Zainab Calcuttawala is an American journalist based in Morocco. She completed her undergraduate coursework at the University of Texas at Austin (Hook’em) and reports on…

More Info

EIA Boosts World Oil Demand Forecast For 2018 By 100,000 Bpd

Oil Rig

World oil demand in 2018 is set to grow by an additional 100,000 barrels per day, according to the latest revision to the figure by the U.S. Energy Information Administration.

The forecast, which was part of the agency’s Short-Term Energy Outlook for January, also said that the 2019 demand figure would stand at 101.76 million bpd—an increase of 1.65 million bpd from the current year.

The report also noted that the North Sea Brent barrel stands at $64 per barrel, which is the highest it has been since November 2014, the start of the oil price crisis.

U.S. oil and gas production will continue to increase in 2019 as well, to the chagrin of OPEC and Russia—major exporters looking to curb production and reduce competition from American shippers.

“U.S. crude oil production is forecast to average 10.3 million b/d in 2018, which would mark the highest annual average production in U.S. history, surpassing the previous record of 9.6 million b/d set in 1970,” the report said. “EIA forecasts production to increase to an average of 10.8 million b/d in 2019 and to surpass 11 million b/d in November 2019.

The EIA also released a report today on the history of power plant retirements over the past decade.

“Nearly all of the utility-scale power plants in the United States that were retired from 2008 through 2017 were fueled by fossil fuels,” the document said. “Of the total retired capacity, coal power plants and natural gas steam turbines accounted for the highest percentages, 47 percent and 26 percent, respectively. Most of the planned retirements through 2020 will also be coal plants and natural gas steam turbines, based on information reported to EIA.”

Related: Trump Proposes Most Aggressive Offshore Drilling Plan Ever

Still, most coal plant retirements were for small and old facilities that had run their course, rather than an environmentally minded initiative against greenhouse gas emissions.

By Zainab Calcuttawala for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage

Leave a comment

Leave a comment

Oilprice - The No. 1 Source for Oil & Energy News