AMERICAS OIL: EIA World Oil Demand Forecast Revised Down for 2025
EIA World Oil Demand Forecast Revised Down for 2025
The EIA has cut its forecast for global oil demand in 2025 by around 0.2m b/d to 104.1m b/d, according to its January Short-Term Energy Outlook.
• Demand for 2026 has been forecasted at 105.2m b/d.
• Total world crude and liquid fuels production has been raised slightly at 104.4m b/d in 2025, while 2026 production is seen at 105.9m b/d.
• This puts 2025 in a supply surplus of 0.3m b/d, while 2026 is forecast to see a surplus of 0.7m b/d.
• US crude production for 2025 has been revised up 3k b/d to 13.54m b/d.
• Production in 2026 has been forecasted at 13.62m b/d.
• WTI spot is forecast to average $70.31/b in 2025, down $1.19/b on the December forecast. WTI for 2026 has been forecasted at $62.46/b.
• Meanwhile, Brent in 2025 is seen at $74.33/b, compared to $73.58/b forecast in December. For 2026, Brent has been forecasted to be $66.50/b.