Industry to drive tripling of natural gas consumption in India by 2050
In our International Energy Outlook 2023 (IEO2023), we project natural gas consumption to more than triple in India by 2050. We project annual growth of 4.4% over that period, more than twice the 2.0% annual growth rate of natural gas consumption in China, the next-fastest-growing country.
Midwest refinery outage is affecting petroleum product markets
Spot petroleum product prices at the Chicago trading hub are increasing after an unplanned outage of bp’s refinery in Whiting, Indiana, on February 1. The 435,000-barrel-per-day (b/d) refinery, the largest in the Midwest (PADD 2), has been offline since then because of a power outage. Inventories of motor gasoline and distillate fuel in the Midwest […]
What is the outlook for the natural gas spot price in 2024 and 2025?
We expect the U.S. benchmark Henry Hub natural gas spot price to average higher in 2024 and 2025 than in 2023, but to remain lower than $3.00 per million British thermal units (MMBtu), in our February Short-Term Energy Outlook (STEO). We forecast increases in natural gas prices as demand for natural gas grows faster than […]
Nuclear reactor restarts in Japan have reduced LNG imports for electricity generation
After the 2011 Fukushima Daiichi accident, Japan suspended operations at all of its remaining 48 nuclear power reactors by 2013 and relied almost exclusively on imported natural gas to replace the lost electricity generation. In 2015, Japan allowed its first nuclear power reactor to resume operations. As of December 2022, 11 gigawatts (GW) of Japan’s […]
LNG sale and purchase agreements signed in 2023 support U.S. LNG projects
Developers advanced three liquefied natural gas (LNG) projects to the construction phase in 2023, following the signing of sale and purchase agreements (SPA)—contracts specifying the terms and conditions of LNG supplies between seller and buyer—underpinning the projects. Developers signed contracts with buyers for almost 22 million metric tons per year of LNG last year, or […]
U.S. natural gas consumption established a new daily record in January 2024
On January 16, 2024, a record high of 141.5 billion cubic feet (Bcf) of natural gas was consumed in the U.S. Lower 48 states (L48), exceeding the previous record set on December 23, 2022, according to estimates from S&P Global Commodity Insights. Well-below-normal temperatures caused by a large mass of arctic air that covered most […]
United Arab Emirates invests to meet 2027 crude oil production capacity goal
The United Arab Emirates (UAE) has invested heavily in increasing hydrocarbon production capacity and developing midstream and downstream infrastructure to accommodate future growth in hydrocarbon production. However, over the past 10 years, UAE actual production has averaged just less than 3 million barrels per day (b/d) because of production cut agreements between OPEC and non-OPEC […]
Tracking electricity consumption from U.S. cryptocurrency mining operations
Electricity demand associated with U.S. cryptocurrency mining operations in the United States has grown very rapidly over the last several years. Our preliminary estimates suggest that annual electricity use from cryptocurrency mining probably represents from 0.6% to 2.3% of U.S. electricity consumption.
Red Sea attacks increase shipping times and freight rates
After Yemen-based Houthi militia attacks on commercial ships transiting the Red Sea started in November 2023, some vessels began opting to avoid the Bab el-Mandeb chokepoint—a narrow strait that borders the Yemeni coast and is the southern entrance to the Red Sea. Instead, they’re choosing to take longer, more costly routes around the tip of […]
Electric vehicles and hybrids surpass 16% of total 2023 U.S. light-duty vehicle sales
Combined sales of hybrid vehicles, plug-in hybrid electric vehicles, and battery electric vehicles (BEV) in the United States rose to 16.3% of total new light-duty vehicle (LDV) sales in 2023, according to data from Wards Intelligence. In 2022, hybrid, plug-in hybrid, and BEV sales were 12.9% of total sales.