Data source: U.S. Energy Information Administration, Monthly Energy Review. In 2023, energy production in the United States rose 4% to nearly 103 quadrillion British thermal units (quads), a record. Energy consumption in the United States fell 1% to 94 quads during the same period. Production exceeded consumption by 9 quads, more than at any ...
Global oil supply is set to average 100.1 mb/d in 2022 before hitting an annual record of 101.1 mb/d in 2023. Refinery throughputs rose by 500 kb/d in June, to 79.2 mb/d, 1.2 mb/d above a year ago. A number of outages and tight spare capacity outside of China meant that product supply failed to keep up with the seasonal increase in demand.
Pivoting to an energy transition viewpoint. Energy transition impacts permeate the oil and gas industry at all levels throughout the value chain. Increasingly executive leadership and boards of ...
A legacy of the global energy crisis may be to usher in the beginning of the end of the fossil fuel era: the momentum behind clean energy transitions is now sufficient for global …
Rest of world. Global net demand change from 2019. Oil demand recovers from its historic drop in 2020, edging ahead of pre-crisis levels by 2023 in the STEPS. Nevertheless, compared to the WEO‐2019 STEPS projection demand is 2 mb/d lower in 2030 and plateaus thereafter.
Societies are simultaneously demanding energy services and also reductions in emissions. Oil and gas companies have been proficient at delivering the fuels that form the bedrock of today''s energy system; the question that they now face is whether they can help
Investment in battery energy storage is hitting new highs and is expected to more than double to reach almost USD 20 billion in 2022. This is led by grid-scale deployment, which represented more than 70% of total spending in 2021. ... The majors and Equinor accounted for about 90% of total clean energy investment by the oil and gas industry in ...
Renewables, notably solar PV and wind, gain the most ground of any energy source this decade, accounting for 43% of electricity generation worldwide in 2030, up from 28% today. Oil demand rises 0.8% per year to 2030, but peaks soon after at around 103 million barrels per day as electric vehicles (EVs) and efficiency gains undermine its prospects.
The oil and gas industry invested around USD 20 billion in clean energy in 2022, or roughly 2.5% of its total capital spending. The report finds that producers looking to align with the aims of the Paris Agreement would need to put 50% of their capital expenditures towards clean energy projects by 2030, on top of the investment required to …
Fuel oil demand will increase by nearly 0.3 mb/d in 2021 (4.5%) as it is expected to benefits from a rebound in bunker fuel demand and higher industrial activity. Most of the growth will be for the new, very low sulphur fuel oil introduced by International Maritime Organisation regulations. Global Energy Review 2021 - Analysis and key findings.
Hence, researchers introduced energy storage systems which operate during the peak energy harvesting time and deliver the stored energy during the high-demand hours. Large-scale applications such as power plants, geothermal energy units, nuclear plants, smart textiles, buildings, the food industry, and solar energy capture and …
Investment in clean energy is accelerating at a faster rate than for fossil fuels, helping bring peak oil demand into view. Oil 2023, the IEA''s medium‑term outlook, provides a comprehensive overview of evolving oil supply and demand dynamics through to 2028. The report examines how a stronger drive by governments towards a low …
About this report. As the world enters a second year of the Covid-19 pandemic, the annual Global Energy Review assesses the direction energy demand and carbon dioxide emissions are taking in 2021. The latest statistical data and real-time analysis confirm our initial estimates for 2020 energy demand and CO2 emissions while providing …
By contrast, demand in advanced economies will continue its decades-long decline, falling from 45.7 mb/d in 2023 to 42.7 mb/d by 2030. Apart from during the pandemic, the last time demand was this low was in 1991. Over that same time period, oil demand from emerging and developing economies will have increased by a factor of 2.5.
Over the first quarter as a whole, China boosted inventories by 670,000 bpd, a figure that to some extent undermines the prevailing market view that China''s oil demand is strong. This is ...
The Middle East oil & gas storage terminal market size was USD 2.90 billion in 2021. The market is projected to grow from USD 3.27 billion in 2022 to USD 5.51 billion by 2029, exhibiting a CAGR of 7.7% during the forecast period. The global COVID-19 pandemic has been unprecedented and staggering, experiencing lower-than-anticipated …
In 2022, the IEA expects a further 3.1m b/d increase, to average 99.5m b/d with an increase at the end of the year that will surpass the level of demand before the coronavirus crisis took hold ...
Indonesia was once a net exporter of oil and a member of OPEC, but inadequate investment, especially in exploration, and low global prices have weakened the country''s oil industry. In 2018, Indonesia was a net importer of more than 550,000 barrels of crude oil and products per day, equivalent to about $20 billion a year, and within the next …
Global oil supply is set to average 100.1 mb/d in 2022 before hitting an annual record of 101.1 mb/d in 2023. Refinery throughputs rose by 500 kb/d in June, to 79.2 mb/d, 1.2 mb/d above a year ago. A …
This paper examines hydrogen''s role in this transition. Firstly, experiences from oil and gas exploration, including in-situ gasification, can be leveraged for hydrogen production from subsurface natural hydrogen reservoirs. The produced hydrogen can serve as fuel for generating steam and heat for thermal oil recovery.
In 2017, Luxembourg''s energy consumption was 48.4 terawatt hours (TWh), in line with the 2020 energy efficiency target of not surpassing 49.3 TWh in final energy consumption. However, energy consumption has been increasing since 2016, especially in the transport sector. This continued growth will challenge the country''s ability …
Rest of world. Global net demand change from 2019. Oil demand recovers from its historic drop in 2020, edging ahead of pre-crisis levels by 2023 in the STEPS. Nevertheless, compared to the WEO‐2019 STEPS projection demand is 2 mb/d lower in 2030 and plateaus thereafter.
World oil demand remains on track to grow by 2.2 mb/d in 2023 to 101.8 mb/d, led by resurgent Chinese consumption, jet fuel and petrochemical feedstocks. In 2024, naphtha and LPG/ethane, especially in China, will dominate an overall increase of a more modest 990 kb/d, to 102.8 mb/d, reflecting below-trend GDP growth and a structural …
Oil and gas projects currently produce slightly higher returns on investment, but those returns are less stable. We estimate that the return on capital employed in the oil and gas industry averaged around 6-9% between 2010 and 2022, whereas it was 6% for clean energy projects. Oil and gas returns varied greatly over time compared with more ...
Global oil markets will need to traverse myriad challenges in the medium-term as structural shifts reshape oil demand and trade flows, while rising oil supplies could potentially weigh on prices through the end of the decade.
Electricity''s share of the world''s final consumption of energy has risen steadily over recent decades, and now stands at 20%. Its rise accelerates in future years as the pace of transitions picks up. In the NZE, electricity accounts for around 50% of final energy use by 2050 (around 30% in the APS). Given that electricity delivers useful ...
China''s petrochemical surge is driving global oil demand growth Sources IEA (2023), Oil Market Report - December 2023, (accessed 14 December 2023), …
The World Energy Outlook 2023 provides in-depth analysis and strategic insights into every aspect of the global energy system. Against a backdrop of geopolitical …
Energy storage can provide flexibility to the electricity grid, guaranteeing more efficient use of resources. When supply is greater than demand, excess electricity …
The report describes the situation of energy supply and demand in Hong Kong. It contains comprehensive statistical information relating to different forms of …
India Energy Outlook 2021 explores the opportunities and challenges ahead for India as it seeks to ensure reliable, affordable and sustainable energy to a growing population. The report examines pathways out of the crisis that emerged from the Covid-19 pandemic, as well as longer-term trends, exploring how India''s energy sector might evolve ...
Oil 2023, the IEA''s medium‑term outlook, provides a comprehensive overview of evolving oil supply and demand dynamics through to 2028. The report examines how a stronger drive …
Oil demand is expected to exceed pre-coronavirus levels by the end of 2022, the International Energy Agency said on Friday, with the body calling on world producers to "open the taps ...
The long-term energy forecast (2021 – 2030) described in this report was developed for. energy consumption trends by economic secto rs (i.e., domestic, commercial, industrial, agriculture ...
The 2024 oil and gas industry outlook explores five trends and industry drivers that are expected to play an important role in shaping the strategies and priorities …
Energy storage can be stand-alone or distributed and can participate in different energy markets (see our The Grid: Electricity Transmission, Industry, and Markets page for more information about energy markets). Energy storage is a valuable tool for balancing the grid and integrating more renewable energy. When energy demand is low and ...
Proved crude oil reserves in Canada 1997-2020 Oil consumption in Turkey 2012-2022 Oil consumption in the U.S. 1998-2022 Global medium-term oil demand outlook by key region 2022-2028 Capacity of ...
As a result, we have revised down our forecast for world oil demand by 1.3 mb/d for 2Q22-4Q22, resulting in 950 kb/d slower growth for 2022 on average. Total demand is now projected at 99.7 mb/d in 2022, an increase of 2.1 mb/d from 2021. The prospect of large-scale disruptions to Russian oil production is threatening to create a …
Our research shows considerable near-term potential for stationary energy storage. One reason for this is that costs are falling and could be $200 per kilowatt-hour in 2020, half today''s price, and $160 per kilowatt-hour or less in 2025. Another is that identifying the most economical projects and highest-potential customers for storage has ...
By 2035, this demand is expected to rise 15% and 13% higher than pre-IRA numbers for lithium and cobalt, respectively, which are needed for storage; 14% for nickel, which is in storage, wind, and hydrogen supply chains; and 12% for the copper needed across all energy transition technologies. 88 Meanwhile, domestic and free trade …
Between 2016 and 2020, annual average energy investment in Southeast Asia was around USD 70 billion, of which around 40% went to clean energy technologies – mostly solar PV, wind and grids. Energy investment in the STEPS reaches an annual average of USD 130 billion by 2030 and in the SDS it reaches USD 190 billion.