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US Short-Term Energy Outlook Released— 2023–2024

The US Energy Information Agency (EIA) released its first short-term energy forecast for 2023–2024 in January.

Energy Outlook Released
  1. With flat economic growth expected in 2023, total US energy consumption is predicted to fall by 0.9%.

  2. Total US energy consumption is expected to rise by 1.0% in 2024.

  3. Global production of liquid fuels is forecasted to average 102.8 million barrels per day (b/d) in 2024, up from 100.0 million b/d in 2022, driven by large growth in non-OPEC production.

  4. Global consumption of liquid fuels is expected to rise from an average of 99.4 million b/d in 2022 to 102.2 million b/d in 2024.

  5. With oil production expected to surpass consumption, global oil inventories are expected to increase over the next two years, putting downward pressure on crude oil prices.

  6. Natural gas production is predicted to grow with the completion of pipeline infrastructure expansions in 2023 and 2024.

  7. EIA expects the share of electricity generation from coal to fall from 20% in 2022 to 18% in 2023 and to 17% in 2024.

  8. The decline should be partially offset by a forecasted increase in the share of combined utility-scale solar and wind generation from 16% in 2023 to 18% in 2024.


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