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EIA Plans to Improve Oil Data Accuracy

OIL

The EIA has announced steps to improve the accuracy of oil data after fluctuations in the weekly data and large changes in the unaccounted oil adjustment.

  • EIA plans to changes to the way it calculates crude oil supply and disposition after its 2022 estimates proved to be overstating demand and understating production. Previously swings were explained as the result of mislabelling blending products and undercounting of oil output.
  • In August EIA will be categorise blended products as “transfers to crude oil supply” instead of the “supplied,” which skews demand figures. The change to 2022 data would have reduced demand estimates by 400kbpd.
  • The surveys will also be changed in early 2024 to include condensate production, which is not currently factored into the overall crude output.

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