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EIA Keeps World Oil Demand Forecast Stable for 2024

OIL

The EIA has kept its forecast for global oil demand in 2024 stable at 102.9m b/d in its August Short Term Energy Outlook.

  • Demand for 2025 has been revised down 0.2m b/d to 104.5m b/d.
  • Total world crude and liquid fuels production has been held steady at 102.4m b/d in 2024, while 2025 production is seen at 104.4m b/d, down 0.2m b/d.
  • This keeps the forecast for 2024 in a supply deficit of 0.5m b/d.
  • US crude production for 2024 has been revised down by 20k b/d to 13.23m b/d. Production is seen growing at a lower rate of 3.5% from 2024-25 to hit 13.69m b/d in 2025.
  • WTI spot is forecast to average $80.21/b in 2024, revised down from $82.03/b. WTI for 2025 has been cut by $2.67/b to $81.21/b.
  • Meanwhile, Brent is seen at $ 84.44/b in 2024, compared to $86.37/b forecast in July

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