U.S. Crude Oil Production, Brazil's Changing Power Mix: 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.

CRUDE OIL
IEA Raises Oil Demand Growth Outlook - The International Energy Agency (IEA) (Paris, France) on Thursday raised its view on 2024 oil demand growth for a fourth time since November, though it remains far less bullish than the Organization of the Petroleum Exporting Countries (OPEC). World oil demand will rise by 1.3 million BBL/d in 2024, the IEA said in its latest report, up 110,000 BBL/d from last month. Demand rose by 2.3 million BBL/d last year. OPEC on Tuesday kept its demand growth forecast unchanged at 2.25 million BBL/d, meaning the views of OPEC and IEA remain nearly 1 million BBL/d apart, representing almost 1% of daily world demand. (Reuters)

POWER
Brazil Diversifies Clean Power Away from Hydro - Brazil's electricity producers have reduced their reliance on the country's mammoth system of hydropower dams by sharply increasing output from solar facilities and windfarms since 2018, data from energy think tank Ember shows. The share of electricity generated by hydro sources has dropped from 74% in 2018 to 67% in 2023, while solar and wind sites have increased their combined share of Brazil's electricity generation pie from 9% to 22% over the same period. (Reuters)

PRODUCTION
U.S. Raises Domestic Crude Oil Production Forecast for 2024 - The U.S. Energy Information Administration (EIA) this week predicted that domestic oil production will grow by 260,000 barrels per day (BBL/d) in 2024, up 90,000 BBL/d from its previous forecast, but said estimated production cuts from OPEC+ will still slow global oil growth. U.S. crude oil production will rise to 13.19 million BBL/d this year, the EIA said in its Short Term Energy Outlook. It had previously projected that crude production would rise this year by 170,000 BBL/d. (Reuters)

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About Industrial Info
Industrial Info Resources (IIR) is the leading provider of industrial market intelligence. Since 1983, IIR has provided comprehensive research, news and analysis on the industrial process, manufacturing and energy related industries. IIR's Global Market Intelligence (GMI) helps companies identify and pursue trends across multiple markets with access to real, qualified and validated plant and project opportunities. Across the world, IIR is tracking over 200,000 current and future projects worth $17.8 trillion (USD).