Members of the Organization of the Petroleum Exporting Countries (OPEC) earned about $433 billion in net oil export revenues in 2016, the lowest since 2004, according to the U.S. Department of Energy and its Energy Information Administration.
Nuclear power currently accounts for roughly 20% of electricity generation in the U.S., but the Energy Information Administration’s 2017 Annual Energy Outlook base case assumes the percentage will fall to 11% by 2050.
New and expanded pipelines should be able to handle the expected increase in Permian Basin crude oil production without creating pricing problems, according to the U.S. Energy Information Administration.
Brent crude prices are projected to average $53 per barrel (Bbl) in 2017, and $57/Bbl in 2018, while West Texas Intermediate (WTI) crude will average $2/Bbl less than Brent in both years, the Energy Information Administration projects.
U.S. dry natural gas production will average 74.1 billion cubic feet per day (Bcf/d) in 2017, a 1.8 Bcf/d increase from the 2016 level, the Energy Information Administration’s monthly Short-Term Energy Outlook (STEO) projects.
Utility-scale solar installations, including both photovoltaic (PV) and thermal technologies, grew at an average rate of 72% annually between 2010 and 2016 — faster than any other generating technologies.
U.S. commercial crude oil inventories (excluding the Strategic Petroleum Reserve) fell by 900,000 barrels (Bbl) during the week ended April 28, to 527.8 million barrels (MMBbl), the Energy Information Administration said in its most recent weekly Petroleum Status Report.