US oil production fell by 300,000 bbls/day last week to 11.6 million bbls/day. US oil production peaked earlier this year at 13.1 million bbls/day–decline from that peak is more than 11%. Expect more decline to come.
Crude stockpiles declined last week by 700,000 bbls. Gasoline inventories fell by 3.5 million bbls. The Energy Information Administration estimates that global petroleum and liquid fuels consumption declined by 5.8 million bbls/day in the first quarter from the same period in 2019.
EIA projects that renewable power sources will generate more electricity this year than coal for the first time on record. It estimates that generation from coal will decline by 25% this year.
The Trump administration has approved a solar installation on federal land in Nevada, NV Energy’s $1 billion Gemini Solar project, covering 7,100 acres–eleven square miles–to become the eighth-largest solar facility in the world.