EIA forecasts world oil consumption growth to slow amid less economic activity
We forecast consumption growth of crude oil and other liquid fuels will slow over the next two years, driven by a slowdown in economic growth, particularly in Asia, in our May Short-Term Energy Outlook (STEO).
China’s crude oil imports decreased from a record as refinery activity slowed
Slower oil demand growth in 2024 led to less crude oil processed by China's refineries and fewer crude oil imports compared with the record high set in 2023. China, the world's largest importer of crude oil, received 11.1 million barrels per day (b/d) in 2024, down from 11.3 million b/d in 2023. Even though total imports decreased about 2%, imports from some countries increased while others decreased.
China’s crude oil imports decreased from a record as refinery activity slowed
Slower oil demand growth in 2024 led to less crude oil processed by China’s refineries and fewer crude oil imports compared with the record high set in 2023. China, the world’s largest importer of crude oil, received 11.1 million barrels per day (b/d) in 2024, down from 11.3 million b/d in 2023. Even though total imports decreased about 2%, imports from some countries increased while others decreased.
Looking back on geological activity in Yellowstone during 2024
Yellowstone Caldera Chronicles is a weekly column written by scientists and collaborators of the Yellowstone Volcano Observatory. This week's contribution is from Michael Poland, geophysicist with the U.S. Geological Survey and Scientist-in-Charge of the Yellowstone Volcano Observatory. Aerial view of Biscuit Basin, Yellowstone National Park, showing debris deposited by the July 23, 2024, hydrothermal explosion from Black Diamond Pool. Major features are labeled. The main debris field (within dashed yellow line) has a gray appearance. Photo taken by Joe Bueter, Yellowstone National Park, on July 23, 2024. In Yellowstone, 2024 will probably be remembered as the year of the hydrothermal
Above-average hurricane activity disrupted U.S. energy infrastructure in 2024
The 2024 Atlantic hurricane season, which ran from June 1 through November 30, exhibited above-average activity with more named storms and hurricanes than usual, including several that disrupted U.S. energy infrastructure, primarily on the Gulf Coast and in the Southeast. Energy impacts from hurricanes this season were most notable in electricity markets, although Hurricanes Francine, Helene, and Rafael forced some oil and natural gas production from fields in the Gulf of Mexico to be shut in.