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Global Oil Demand Growth Revised Down: EIA

OIL

World oil demand growth for 2024 has been revised down by 480k b/d to an annual rise of 0.95m b/d to 102.91m b/d, according to the EIA’s Short-Term Energy Outlook.

  • The previous forecast in March saw global oil demand rising by 1.43m b/d.
  • Part of the change has been an upward revision for oil demand in 2023. In March it was estimated at 101m b/d but is now seen at 101.96m b/d.
  • Demand estimates for 2024 have increased from 102.43m b/d to 102.91m b/d.
  • World oil demand growth between 2024-25 has been cut by 30k b/d to a 1.35m b/d rise.
  • US Crude production is seen at 13.21m b/d in 2024, an upward revision of 20k b/d, while 2025 output is forecast at 13.72m b/d.
  • WTI for 2024 is forecast to average $83.78/b, an upward revision of $1.63/b.

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