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1 day ago · Overview. For the first time, global oil consumption surpassed 100 million barrels per day in 2023. The demand for gasoline, diesel, and kerosene has returned to or exceeded pre-2019 levels ...
2 days ago · In other parts of the world, namely Europe and North America, the growth in EV sales has had a negligible impact on oil demand, which, per the Energy Institute, fell by 1% in Europe and 0.8% in ...
3 days ago · Figure I-Spindletop oil field. Spindletop was discovered in 1901. The first well, the Lucas Geyser, had a flow rate of 100,000 b/d upon discovery, more than all the world’s oil wells combined at the time. A feeding frenzy ensued at Spindletop after the Lucas Geyser discovery which led to intense development of the field as Figure I illustrates.
5 days ago · Oil prices gained about 2% to a two-month high on Monday on hopes of rising demand during the Northern Hemisphere's summer driving season and worries that conflict in the Middle East could spread ...
5 days ago · Despite challenges, a projected increase of 625,000 b/d in 2024 positions North America for significant growth, contingent on stable oil prices above $70/b WTI. China’s Oil Demand China's oil demand growth is expected to slow significantly, decreasing from 1.02 million b/d in 2023 to 490,000 b/d in 2024.
3 days ago · World oil demand climbed by 2.56 mb/d, or 2.6%, y-o-y, reaching an average of 102.21 mb/d in 2023. This level surpasses pre-pandemic averages, driven by strong demand growth in China, India, the Middle East, Latin America, and OECD Americas. Within OPEC Member Countries, oil demand showed substantial strength, increasing by 0.39 mb/d, or 4.5%.
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4 days ago · It draws on the IEA’s extensive knowledge and the inputs of expert peers from IEA member countries to assess the United States’ most pressing energy sector challenges and provide recommendations on how to address them, backed by international best practices.
