consumption of natural gas is projected to fall by 1.9% to an average of 81.7 billion cubic feet per day in 2021, from 2020. However, the consumption levels are projected to remain lower than the 9.3 million barrels per day consumed in 2019. gasoline consumption is expected to rise to 8.6 million barrels per day in 2021 and 8.9 million barrels per day in 2022, from 8 million barrels per day in 2020. The prices are projected to be an average of $2.70 per gallon in 2021 and $2.77 per gallon in 2022. diesel fuel prices rose to $2.68 per gallon in January, from $2.58 per gallon in December and $3.05 per gallon in January 2020. The gasoline prices are projected to be an average of $2.44 per gallon in 2021 and $2.46 per gallon in 2022.
The price was down from $2.55 per gallon in January 2020. regular gasoline retail prices increased to $2.33 per gallon in January, from $2.20 per gallon in December. The production is projected to increase to 11.5 million barrels per day in 2022. crude oil production will be an average of 11 million barrels per day in 2021, down from 11.3 million barrels per day in 2020 and 12.2 million barrels per day in 2019.
Production from new wells will exceed the declines from legacy wells, and overall crude oil production will rise in the second half of 2021 and in 2022. West Texas Intermediate crude oil prices are expected to remain near or higher than $50 per barrel, and drilling is to continue to rise. Production from newly drilled wells is expected to be more than offset by declining production rates at existing wells in the first half of 2021. Oil-directed drilling has increased in the United States recently, but the number of active drilling rigs is lower than at the same time last year. The production is expected to continue to decline slightly in the coming months and reach 10.9 million barrels per day in June. crude oil production fell by about 100,000 barrels per day to 11 million barrels per day in January, from November 2020. The consumption is projected to rise by 3.5 million barrels per day in 2022 to an average of 101.2 million barrels per day. The consumption is expected to rise by 5.4 million barrels per day to 97.7 million barrels per day in 2021, from 2020. Global consumption of petroleum and liquid fuels declined by 2.8 million barrels per day to 93.9 million barrels per day in January, from the same month in 2020. Brent prices are expected to be an average of $55 per barrel in 2022.
Also, the high global inventory levels and spare production capacity will limit upward price pressures. A decrease in prices later in 2021 as a result of rising supply is projected to slow the pace of global oil inventory withdrawals. This cut was on top of the reduced production levels previously agreed on by the Organization of the Petroleum Exporting Countries (OPEC) and partner countries (OPEC+).īrent crude oil prices are expected to be an average of $56 per barrel in the first quarter of 2021 and $52 per barrel for the remainder of the year. 5 announcement by Saudi Arabia that it would cut 1 million barrels per day of crude oil production in February and March. The higher Brent prices in January could be attributed to the Jan. International benchmark Brent crude oil spot prices rose by $5 per barrel to an average of $55 per barrel in January, from December, but down $9 per barrel from January 2020. The GDP is expected to rise by 3.8% in 2021 and by 4.2% in 2022, according to IHS Markit forecasts. 9) the February Short-Term Energy Outlook showing that U.S. Energy Information Administration (EIA).ĮIA released Tuesday (Feb. crude oil producers have drilled new wells as prices remain at or above $50 per barrel, but production isn’t projected to exceed 2020 levels until 2022, according to the U.S.
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