Top federal energy analysts lowered their estimates for oil demand growth in 2018 by 40,000 barrels per day, according to the Energy Information Administration’s newest monthly forecast, announced on December 12, 2017.
Still, oil demand growth in 2017 received an 80,000-bpd boost to 1.39 million bpd in the Short Term Energy Outlook, suggesting the sector should expect an enthusiastic energy market in the coming months.
«EIA estimates that U.S. crude oil production averaged 9.7 million barrels per day (b/d) in November, up 360,000 b/d from the October level,» the report added. «Most of the increase was in the Gulf of Mexico, where production was 290,000 b/d higher than in October. Higher production in November reflected oil production platforms returning to operation after being shut in response to Hurricane Nate.»
In the 1st 11 months of 2017, coal production has seen an 8% rise compared to the same period last year. Both wind and solar energy are also seizing a larger market share.
President Donald Trump ran his election campaign on a promise to bring back coal use, which would revive the coal mining sectors in rural American communities. This push would work against efforts to curb carbon emissions and fight climate change.
Earlier this year, Trump announced that his administration would withdraw from the landmark Paris agreement - a declaration that angered environmentalists, but spurred Democrat-controlled states and other private actors to use other means to curb carbon output.