Senegal's First Oil, Mexico's Shrinking Oil Reserves: Your Daily Energy News

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News highlights gathered by Industrial Info and IIR Energy (Sugar Land, Texas) dealing with the energy markets.

PRODUCTION
EIA Increases Estimates of 2024 U.S. Oil Output, Global Oil Demand - U.S. oil output and global oil demand will likely post bigger records this year than previously expected, the U.S. Energy Information Administration (EIA) said on Tuesday. The agency now expects U.S. oil output to grow by around 310,000 barrels per day (BBL/d) to 13.24 million BBL/d this year, about 40,000 BBL/d higher than its previous forecast in May. It expects U.S. output to be around 13.71 million BBL/d next year. Global oil demand this year is also expected to be above estimates, which were already forecast to hit record highs, according to the June edition of the EIA's Short-Term Energy Outlook. World crude oil and liquid fuels consumption is expected to rise by 1.1 million BBL/d to 103 million BBL/d this year, the EIA said. That compares with a previous forecast of around 102.8 million BBL/d. Global oil demand will likely rise to 104.5 million BBL/d next year, the EIA said. (Reuters)

Mexico's Proven Oil Reserves Decline as Natural Gas Reserves Rise - Mexico's proven crude oil reserves have fallen though proven natural gas reserves increased, resulting in an increased total for hydrocarbon reserves, the country's regulator said on Tuesday in its annual update for 2024. Data from the National Hydrocarbons Commission, or CNH, showed Mexico's proven crude oil reserves fell to 5.978 billion barrels in 2024 from 6.155 billion barrels in 2023. Meanwhile, proven natural gas reserves rose to 12.297 trillion cubic feet, up from 11.029 trillion cubic feet. Total proven hydrocarbon reserves, which include both crude oil and natural gas, rose to 8.383 billion barrels of crude oil equivalent from 8.162 billion barrels, the data showed. (Reuters)

Senegal Produces its First Oil - Senegal's Sangomar oil and gas field has produced its first oil, operator Woodside Energy Group (NYSE:WDS) (Perth, Australia) said on Tuesday. The much anticipated first oil is a milestone for the West African nation, which is set to become one of the world's newest oil and gas producers. Sangomar is Senegal's first offshore oil development, with production expected to be about 100,000 BBL/d. (Reuters)

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