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Free AccessEIA Cuts 2024 World Oil Demand Forecast to 102.9m B/d
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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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.