U.S. Energy Information Administration Reveals Its Global Oil Demand Forecasts

The U.S. Energy Information Administration (EIA) released its monthly short-term energy outlook report yesterday, Tuesday. Below are the key points from the report:

Content

Global Demand
U.S. Oil Production
U.S. Oil Demand
Global Oil Production
Crude Oil Price Forecasts

Global Oil Demand

The global oil demand for 2024 is expected to increase by about 1.10 million barrels per day year-on-year. The EIA has raised its global oil demand forecast for 2025 by 300,000 barrels per day, with the annual increase now expected to reach 1.80 million barrels per day.

U.S. Oil Production

The administration expects U.S. oil production to rise by 10,000 barrels per day in 2024 and predicts that production will now grow by 320,000 barrels per day year-on-year to 13.25 million barrels per day. The EIA has increased its U.S. oil production forecast for 2025 by 60,000 barrels per day and now expects production to grow by 520,000 barrels per day year-on-year to 13.77 million barrels per day.

U.S. Oil Demand

The EIA has raised its U.S. oil demand forecast for 2024 by 100,000 barrels per day and now expects demand to grow by 200,000 barrels per day year-on-year to 20.4 million barrels per day. The U.S. oil demand forecast for 2025 remains unchanged at 20.6 million barrels per day, with a growth of 200,000 barrels per day compared to 2024.

Global Oil Production

The EIA has lowered its global oil production forecast for 2024 by 200,000 barrels per day,
expecting production to grow by 600,000 barrels per day year-on-year to 102.4 million barrels per day.
The administration has reduced its global oil production forecast for 2025 by 100,000 barrels per day,
with production now expected to grow by 2.2 million barrels per day year-on-year to 104.6 million barrels per day.

Crude Oil Price Forecasts

The EIA has raised its forecast for the price of West Texas Intermediate (WTI) crude oil in 2024 to $82.03 per barrel (previously $79.70 per barrel). For 2025, the WTI price is expected to rise to $83.88 per barrel (previously $80.88 per barrel). The administration has also raised its forecast for Brent crude oil prices in 2024 to $86.37 per barrel (previously $84.15 per barrel) and expects Brent prices to rise to $88.38 per barrel in 2025 (previously $85.38 per barrel).

U.S. Energy Information Administration Reveals Its Global Oil Demand Forecasts

U.S. Energy Information

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