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EIA Ups Oil Demand Forecast for 2023, 2024

OIL

EIA revised up its global oil demand forecast for this year to 101.04mbpd, compared with last month’s projections of 100.92mbpd according to the EIA STEO report from late Tuesday.

  • This means EIA expects global oil demand to grow by 1.46mbpd year on year in 2023.
  • EIA also slightly revised global oil demand projections up for 2024 to 102.44mbpd, up from 102.24mbpd, meaning a year-on-year growth of 1.4mbpd.
  • Latest oil demand growth forecasts from market participants have been ranging between 1mbpd to above 2mbpd, with most bullish forecasts from OPEC. See more on 2024 oil demand growth forecasts: https://marketnews.com/market-participants-divided-on-global-oil-demand-growth-for-2024

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