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OIL: EIA Keeps World Oil Demand Forecast Unchanged for 2025

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The EIA has kept its forecast for global oil demand in 2025 stable at 104.1m b/d, according to its February Short-Term Energy Outlook.

  • Demand for 2026 has been revised up by 0.1m b/d to 105.2m b/d.
  • Total world crude and liquid fuels production has been revised up by around 0.2m b/d to 104.6m b/d in 2025, while 2026 production is seen at 106.2m b/d, up 0.3m b/d.
  • This puts 2025 at a supply deficit of 0.5m b/d. 2026 is seen in a supply deficit at 1m b/d,
  • U.S. crude oil production in 2026 is forecast at 13.73m b/d, compared with 13.62m b/d projected in January. 2025 output is estimated at 13.59m b/d vs 13.55m b/d.
  • WTI spot average for 2025 is forecast at $70.62/bbl, from $70.31 in Jan. WTI is forecast at $62.46 in 2026, unchanged from Jan.
  • Meanwhile, Brent in 2025 is seen at $74.50/b in 2025, compared to $74.31/b forecast in January. For 2026, Brent’s forecast is stable at $66.46/b.
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The EIA has kept its forecast for global oil demand in 2025 stable at 104.1m b/d, according to its February Short-Term Energy Outlook.

  • Demand for 2026 has been revised up by 0.1m b/d to 105.2m b/d.
  • Total world crude and liquid fuels production has been revised up by around 0.2m b/d to 104.6m b/d in 2025, while 2026 production is seen at 106.2m b/d, up 0.3m b/d.
  • This puts 2025 at a supply deficit of 0.5m b/d. 2026 is seen in a supply deficit at 1m b/d,
  • U.S. crude oil production in 2026 is forecast at 13.73m b/d, compared with 13.62m b/d projected in January. 2025 output is estimated at 13.59m b/d vs 13.55m b/d.
  • WTI spot average for 2025 is forecast at $70.62/bbl, from $70.31 in Jan. WTI is forecast at $62.46 in 2026, unchanged from Jan.
  • Meanwhile, Brent in 2025 is seen at $74.50/b in 2025, compared to $74.31/b forecast in January. For 2026, Brent’s forecast is stable at $66.46/b.