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EIA Short Term Energy Outlook Highlights:

OIL

Global liquid fuels consumption is forecast to be102.43m b/d in 2024, according to the EIA’s March short term energy outlook, revised up 0.01m b/d from February.

  • Global liquid fuels consumption in 2025 is seen at 103.81m b/d.
  • Total global liquids production is forecast at 102.17m b/d in 2024, a downward revision of 0.13m b/d. In 2025, production is expected to be 104.17m b/d.
  • The EIA now forecasts a supply deficit of 0.26m b/d in 2024 and a surplus of 0.36m b/d in 2025.
  • Brent crude oil price forecast is seen at $87/b in 2024, up from $82.2/b in the previous forecast.
  • For 2025, Brent crude is seen at $84.80/b in 2025, compared to Feb’s forecast of $79.48/b.
  • US crude oil production is seen at 13.19m b/ in 2024 and 13.65m b/d in 2025.

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