Cleveland, OH, August 15, 2018 – US demand for crude petroleum is forecast to see marginal annual declines through 2022, according to Crude Petroleum: United States, a report recently released by Freedonia Focus Reports. This drop will result from lower expected levels of gasoline demand, which represents the leading domestic market for crude petroleum. Faster declines will be constrained by expected production gains in the jet fuel industry.
Nonetheless, rising exports, caused by global economic growth (especially in China and India) and accompanying demand for petroleum products, will ensure US crude petroleum production grows, even as domestic demand shrinks. Advances will primarily reflect increasing output of crude oil and NGPLs as a consequence of rising production from shale (particularly shale gas, which often contains high levels of NGPLs), along with increasing offshore oil production.
These and other key insights are featured in Crude Petroleum: United States. This report forecasts to 2022 US crude petroleum demand and production in barrels (where 1 barrel is equivalent to 42 gallons). Total demand is segmented by type as follows:
Total production is segmented by type in terms of:
- crude oil and lease condensates
- natural gas plant liquids
- other liquids such as drip gases; liquid hydrocarbons produced from gilsonite, oil sands, oil shale, and tar sands; and non-hydrocarbons produced with oil, such as sulfur and various metals
Crude petroleum prices in nominal US dollars per barrel are also forecast to 2022 for Brent and West Texas Intermediate.
To illustrate historical trends, total demand, total production, the various segments, prices, and trade are provided in annual series from 2007 to 2017.
More information about the report is available at: