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Oil Demand To Outpace Production In 2023: EIA

OIL

EIA forecasts global oil consumption is to outpace global oil production in 2023, contributing to an increase in oil prices in the second half of 2023.

  • Global liquid fuels production is forecast to average 100.67mn b/d during 2023. Average consumption is estimated at 100.98mn b/d for 2023, data from the EIA November STEO report show.
  • US crude production is expected to increase by about 480kbpd to 12.31mbpd down from the previous growth forecast of 610kbpd.
  • Brent crude oil price are estimated to rise from an average of 94$/bbl in the first half of 2023 to an average of 98$/bbl in 4Q23, averaging 95$/bbl for all of 2023. The Brent crude oil spot price averaged 93$/bbl in October.
  • Weakening global economic conditions could limit oil demand growth, while further supply disruptions from the EU’s impending ban on Russian crude oil could support prices in the coming months.


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EIA forecasts global oil consumption is to outpace global oil production in 2023, contributing to an increase in oil prices in the second half of 2023.

  • Global liquid fuels production is forecast to average 100.67mn b/d during 2023. Average consumption is estimated at 100.98mn b/d for 2023, data from the EIA November STEO report show.
  • US crude production is expected to increase by about 480kbpd to 12.31mbpd down from the previous growth forecast of 610kbpd.
  • Brent crude oil price are estimated to rise from an average of 94$/bbl in the first half of 2023 to an average of 98$/bbl in 4Q23, averaging 95$/bbl for all of 2023. The Brent crude oil spot price averaged 93$/bbl in October.
  • Weakening global economic conditions could limit oil demand growth, while further supply disruptions from the EU’s impending ban on Russian crude oil could support prices in the coming months.