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EIA Cuts 2024 World Oil Demand Forecast to 102.9m B/d

OIL

The EIA in its July Short Term Energy outlook has marginally decreased its forecast for 2024 global oil demand to 102.9m b/d, down from 103.0m bbl forecast in June.

  • Demand for 2025 has been increased to 104.7m b/d.
  • Total world crude and liquid fuels production has been revised down by 200k b/d to 102.4m b/d in 2024, while 2025 production is seen at 104.6m b/d.
  • This would put 2024 in a supply deficit of 0.5m b/d.
  • US crude production for 2024 has been revised up by just 10k b/d to 13.25m b/d, while output is expected to grow by 3.9% between 2024-2025 to 13.77m b/d.
  • WTI is forecast to average $ 82.03/b in 2024, revised up from $79.70/b. Meanwhile, Brent is seen at $ 86.37/b in 2024, compared to $84.15/b forecast in June.

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