crude oil

U.S. EIA Increases Oil Price Forecast Following OPEC+ Production Cut Extension

We increased our forecast prices for crude oil and petroleum products for the remainder of 2024 in our March Short-Term Energy Outlook (STEO) following the announcement that OPEC+ will extend the existing voluntary production cuts through the second quarter of 2024. We now forecast significantly less global oil production than world oil consumption through the first … [continued]

Midjourney generated image of a desolate landscape scarred by oil extraction with rusted pump and pipelines littering it

Australians Ask About Fossil Fuels in Smart Energy Council Presentation Webinar

Last week I had the opportunity to talk with over 300 participants in an Australian Smart Energy Council webinar. It was organized to exploit my unusual timezone alignment with Oz as I spend a few weeks in New Zealand as a digital nomad. Over 600 signed up, expecting to listen … [continued]

Iran’s Crude Oil Production Fell To An Almost 40-Year Low In 2020

Source: U.S. Energy Information Administration, Short-Term Energy Outlook (STEO) June 2021 In 2020, Iran produced less than 2 million barrels per day (b/d) of crude oil, an almost 40-year low in Iran’s production levels according to our analysis, which we updated in July. Several factors contributed to Iran’s low crude oil production in 2020, … [continued]