EIA sees oil demand dip, coal use rises in Asia‑Pacific
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- Energy Information Administration sees global oil use dropping 1.1 million barrels per day this year before rebounding next year.
- Energy Information Administration raises its forecast for U.S. oil production to 13.7 million bpd this year and 14.2 million bpd next year, up from a pre‑war projection of a decline to 13.3 million bpd by 2027.
- UN climate officials at the Bonn midyear summit are using the fossil‑fuel cost crisis to push for a target that electricity meet 35 % of global energy demand by 2035.
- Simon Stiell said the current fossil‑fuel cost crisis is “painfully” making the case for more aggressive clean‑energy steps.
- Rystad Energy reports a near‑term surge in coal use for power generation in the Asia‑Pacific region.
- Qatar’s LNG sector disruptions and higher gas prices are cited as drivers of the coal‑use increase.
Why it matters: The dip in oil demand hurts exporters and reinforces the need for higher U.S. output, while the coal surge lifts Asian‑Pacific producers amid LNG shortages. Simultaneously, UN climate officials gain a stronger bargaining position to push a 35% electricity‑by‑2035 target, reshaping policy priorities.
