In 2023, 94 quadrillion British thermal units (quads) was consumed in the United States, a 1% decrease from 2022, according to our Monthly Energy Review. Fossil fuels—petroleum, natural gas, and coal—accounted for nearly 83% of total U.S. energy consumption in 2023. Nonfossil fuel energy—from renewable sources and from nuclear—accounted for the … [continued]
China is well known as the world’s leading electric vehicle (EV) market. More than half of the world’s EV sales have occurred there in recent years. It is a standard of the rapid, uplifting EV revolution. In 2023, 25% of auto sales in China were sales of full electric vehicles. … [continued]
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]
U.S. crude oil exports established a record in 2023, averaging 4.1 million barrels per day (b/d), 13% (482,000 b/d) more than the previous annual record set in 2022. Except for 2021, U.S. crude oil exports have increased every year since 2015, when the U.S. ban on most crude oil exports was … [continued]
In 2023, the world produced an estimated 101.8 million barrels per day (b/d) of petroleum and other liquids: mostly crude oil but also lease condensate, natural gas liquids, biofuels, and other liquids from hydrocarbon sources. We expect the global petroleum and other liquids supply to increase by about 0.4 million … [continued]
The United States produced more crude oil than any nation at any time, according to our International Energy Statistics, for the past six years in a row. Crude oil production in the United States, including condensate, averaged 12.9 million barrels per day (b/d) in 2023, breaking the previous U.S. and global … [continued]
U.S. crude oil production averaged 13.3 million barrels per day (b/d) in December 2023, following sustained productivity increases at new wells, according to our latest Petroleum Supply Monthly (PSM). U.S. crude oil production has increased to record highs since 2010 and has risen even more quickly in recent months. These record … [continued]
U.S. retail gasoline prices in 2023 averaged $0.43 per gallon (gal) less than in 2022, according to data from our Gasoline and Diesel Fuel Update. This decline was due, in part, to lower crude oil prices in 2023 compared with 2022 and higher gasoline inventories in the second half of 2023. … [continued]
New analysis predicts declining oil demand and rising exports over the next three decades, even with no new offshore leasing.
In 2021, the value of energy trade between the United States and Mexico reached a nine-year high. This energy trade value represents the combined value of energy imports and exports between the two countries. In 2021, energy accounted for 15% of the value of all U.S. exports to Mexico. The … [continued]
