Daily Energy Report

Trump’s oil challenge, Russia’s gas to Europe, EU gas shock to consumers, Moldova’s gas & musical chairs, Iran oil tycoon & sanctions, Turkey power to Syria/Lebanon, India oil purchases, and more.

December 30, 2024

Dear Readers,

We wish you a happy, healthy, and prosperous New Year!

We will not publish the Daily Energy Report (DER) on Tuesday and Wednesday. Our first DER of the year will be posted on Thursday, January 2.

Chart of the Day: Can the Trump Administration Increase US Oil Production in Large Volumes as It Did During Trump’s First Term?

Summary

US crude oil production increased to an all-time high in 2024. It is higher than the pre-COVID-19 level in 2018 by about 1 mb/d. President Trump and his team promised to increase US oil production significantly, with some suggesting by as much as 3 mb/d. The question is: Can the Trump administration increase US oil production in such large volumes as it did during Trump’s first term? Discussion below:

EOA’s Main Takeaway

Can the Trump administration increase US oil production in large volumes as it did during Trump’s first term?

No. The years 2025-2028 are not qualitatively like the years 2017-2020 for several reasons: