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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 March Short-Term Energy Outlook.

  • Demand for 2026 has been revised up by 0.1m b/d to 105.3m b/d.
  • Total world crude and liquid fuels production has been revised down by around 0.4m b/d to 104.2m b/d in 2025, while 2026 production is seen at 105.8m b/d, down 0.4m b/d.
  • This puts 2025 at a supply surplus of 0.1m b/d. 2026 is seen in a supply surplus of 0.5m b/d,
  • U.S. crude oil production in 2026 is forecast at 13.76m b/d, compared with 13.73m b/d projected in Feb. 2025 output is estimated at 13.61m b/d vs 13.59m b/d.
  • WTI spot average for 2025 is forecast at $70.68/bbl, from $70.62 in Feb. WTI is forecast at $64.97/b in 2026, up 2.51/b from Feb.
  • Meanwhile, Brent in 2025 is seen at $74.22/b in 2025, compared to $74.50/b forecast in Feb. For 2026, Brent’s forecast is up $2.01/b to $68.47/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 March Short-Term Energy Outlook.

  • Demand for 2026 has been revised up by 0.1m b/d to 105.3m b/d.
  • Total world crude and liquid fuels production has been revised down by around 0.4m b/d to 104.2m b/d in 2025, while 2026 production is seen at 105.8m b/d, down 0.4m b/d.
  • This puts 2025 at a supply surplus of 0.1m b/d. 2026 is seen in a supply surplus of 0.5m b/d,
  • U.S. crude oil production in 2026 is forecast at 13.76m b/d, compared with 13.73m b/d projected in Feb. 2025 output is estimated at 13.61m b/d vs 13.59m b/d.
  • WTI spot average for 2025 is forecast at $70.68/bbl, from $70.62 in Feb. WTI is forecast at $64.97/b in 2026, up 2.51/b from Feb.
  • Meanwhile, Brent in 2025 is seen at $74.22/b in 2025, compared to $74.50/b forecast in Feb. For 2026, Brent’s forecast is up $2.01/b to $68.47/b.