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OIL: EIA Raises World Oil Demand Forecast for 2024

OIL

The EIA has raised its forecast for global oil demand in 2024 to 103.08m b/d, according to its September Short-Term Energy Outlook. 

  • This compares to 102.9m b/d in the August release.
  • Demand for 2025 has been revised up 0.1m b/d to 104.6m b/d.
  • Total world crude and liquid fuels production has been lowered by around 0.2m b/d to 102.18m b/d in 2024, while 2025 production is seen at 104.6m b/d, up 0.2m b/d.
  • This raises the forecast for 2024 to a supply deficit of 0.9m b/d.
  • US crude production for 2024 has been revised up by 20k b/d to 13.25m b/d.
  • Production in 2025 has been revised down by 20k b/d to 13.67m b/d.
  • WTI spot is forecast to average $78.80/b in 2024, revised down from $80.21/b. WTI for 2025 has been cut by $1.58/b to $79.63/b.
  • Meanwhile, Brent is seen at $82.80/b in 2024, compared to $84.44/b forecast in August.

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