Global Energy Outlook

The government of Côte d’Ivoire plans a more than three-fold increase in oil production in the country by 2027, as output is expected to grow from around 60 kb/d to about 200 kb/d by 2027. Hydrocarbon production will be boosted by recent oil and gas discoveries at the Côte d’Ivoire’s Baleine and Calao offshore fields. The government also expects more than US$15bn to be invested in the country's oil sector in the coming years. 

The US Energy Information Administration (EIA) has published its June edition of its Short-Term Energy Outlook, in which it expects US oil output to grow by 2% to 13.2 mb/d in 2024, about 40,000 bbl/d higher than its previous forecast in May, and by another 4% in 2025 to 13.7 mb/d. Global consumption of liquid fuels is expected to increase by 1.1 mb/d in 2024 and 1.5 mb/d in 2025, with most of it being from non-OECD countries. The report changes its previous report of May 2024 regarding global oil output due to the OPEC+ producer group plans to raise output from the fourth quarter onwards. According to the report, the EIA expects a decline in global oil inventories through the first quarter of 2025 and put upward pressure on oil prices. The US marketed natural gas production to fall by 1% in 2024 because of low natural gas prices, while production is expected to grow by 2% in 2025 as natural gas prices rise. 

The Philippines’ Department of Energy (DOE) expects that nearly 4.2 GW of new power projects to be commissioned in 2024, mixing renewables and conventional sources. This includes the start of commercial operation of a record solar power capacity of nearly 2 GW (1,985 MW) that should be commissioned in 2024, and two large thermal power plants, namely the 1,320 MW (4x440 MW) Batangas CCGT power project and the 600 MW (4x150 MW) Mariveles coal-fired power project (unit 1 already operational and 3 other units under testing and commissioning). In addition, at least 590 MW of battery energy storage should be commissioned during the year.

The Russian Ministry of Economic Development has confirmed the official forecasts for gas production in Russia for the 2024-2027 period. Gas production in the country should reach 666.7 bcm in 2024, 695.4 bcm in 2025, 707.5 bcm in 2026 and 727.3 bcm in 2027. The ministry has also unveiled a conservative forecast alongside the baseline one, with production reaching 654 bcm in 2024 and potentially standing at 659 bcm for 2025, 666 bcm in 2026 and 671 bcm for 2027.