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EIA Lowers 2018 Oil Demand Growth Estimates By 40,000 Bpd

Oil

Top federal energy analysts lowered their estimates for oil demand growth in 2018 by 40,000 barrels per day, according to the Energy Information Administration’s newest monthly forecast.

Still, oil demand growth in 2017 received an 80,000-bpd boost to 1.39 million bpd in the Short Term Energy Outlook, suggesting the sector should expect an enthusiastic energy market in the coming months.

“EIA estimates that U.S. crude oil production averaged 9.7 million barrels per day (b/d) in November, up 360,000 b/d from the October level,” the report added. “Most of the increase was in the Gulf of Mexico, where production was 290,000 b/d higher than in October. Higher production in November reflected oil production platforms returning to operation after being shut in response to Hurricane Nate.”

In the first 11 months of 2017, coal production has seen an eight percent rise compared to the same period last year.

Both wind and solar energy are also seizing a larger market share.

“U.S. wind electricity generating capacity at the end of 2016 totaled 81 gigawatts (GW). EIA expects wind capacity additions in the forecast to raise total wind capacity to 88 GW by the end of 2017 and to 96 GW by the end of 2018,” the agency said, adding that new projects will bring utility-scale solar capacity to 27 GW by the end of 2017 and to 30 GW by the end of 2018.

President Donald Trump ran his election campaign on a promise to bring back coal use, which would revive the coal mining sectors in rural American communities. This push would work against efforts to curb carbon emissions and fight climate change. Earlier this year, Trump announced that his administration would withdraw from the landmark Paris agreement—a declaration that angered environmentalists, but spurred Democrat-controlled states and other private actors to use other means to curb carbon output.

By Zainab Calcuttawala for Oilprice.com

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