Aenert news. Energy Market & Energy Statistics
The U.S. Energy Information Administration published another monthly Energy Review, which presents statistics for the first quarter of 2023 on the production and consumption of major energy products in the United States. The table below shows the data from this review converted to quarterly figures (Q). Data for the four quarters of the previous year are provided for adequate comparison with the first quarter of 2023.
This comment, along with similar ones from our archive concerning China and Europe, provides a comparison of key energy indicators in the world's leading economic regions. Earlier we noted a significant increase in crude oil and natural gas production in China in the first quarter of this year. Based on the data presented below, the same can be concluded for the US.
Production of energy products in the US, 2022 Q1 - 2023 Q1
| Energy Indicator/Q | 2022 Q1 | 2022 Q2 | 2022 Q3 | 2022 Q4 | 2023 Q1 |
|---|---|---|---|---|---|
| Crude Oil, Field Production (Thousand Barrels per Day) | 11462 | 11698 | 12061 | 12298 | 12596 |
| Crude Oil, Refinery and Blender Net Inputs (Thousand Barrels per Day) | 17534 | 18837 | 18917 | 17172 | 17572 |
| Dry Natural Gas Production (Billion Cubic Feet) | 8558 | 8883 | 9150 | 9214 | 9180 |
| Natural Gas Exports, Total (Billion Cubic Feet) | 1795 | 1753 | 1638 | 1705 | 1829 |
| Coal Production (Thousand Short Tons) | 148992 | 145659 | 154270 | 145666 | 148706 |
| Electricity Net Generation (Billion Kilowatthours) | 1029 | 1026 | 1188 | 1001 | 987 |
Source: Based on U.S. Energy Information Administration
Thus, crude oil production in 2023 Q1 reached 12.6 million barrels per day, or nearly 10% more than a year earlier, and 3% more than in the previous quarter. Crude oil throughput in 2023 Q1 remained about the same as in 2022 Q1 but dropped by 3.3% compared to the fourth quarter of 2022. Natural gas production increased 7.3% when comparing quarterly figures for January-March 2022 and 2023, and exports of this product increased by nearly 2%. A slight decrease for the same comparative period was formed in coal production and electricity generation.
Electric power generation in the US by source type in 2022 Q1 – 2023 Q1
Source: Based on U.S. Energy Information Administration
No less impressive results were demonstrated in the electricity generation structure. Thus, the share of coal decreased by almost 6% from 2022 Q1 to 2023 Q1, which was partially balanced by an increase in the use of natural gas (+ 4.8%). At the same time, the share of wind power generation increased by 1.2% and solar by 0.2%. Overall, the share of fossil resources in electricity generation, including nuclear power plants, decreased from 75.8% in the first quarter of 2022 to 75.6%. It should also be noted that the volume of electricity generation through wind and solar power plants in the first quarter of this year equaled the volume of coal-fired generation.
Percentage of electric power generation by source type in 2022 Q1 and 2023 Q1
Source: Based on U.S. Energy Information Administration
The most impressive outcome of our brief analysis is undoubtedly the fact that US crude oil production is growing rapidly through 2022 and especially in 2023 Q1, which is a serious counterbalance to the OPEC+ countries' systematic policy of curbing oil production. The traditional seasonal decline in wind power generation during the summer months may not allow the current trend of declining coal generation to be consolidated in the next quarter, as US solar generation (which has the most productive period in summer) is significantly lower than wind generation.
By the Editorial Board
