EIA STEO: 2024 world oil demand growth cut by 480k BPD to a 0.95mln BPD Y/Y increase; 2025 cut by 30k BPD to a 1.35mln BPD
Important
SourceNewsquawk
SectionEnergy & Power
- EIA says it forecasts Brent crude oil spot price will average USD 90/bbl in Q2 of 2024, USD 2/bbl more than the prior month, and seen averaging USD 89/bbl in 2024, reflecting expectations of strong global oil inventory draws during this quarter and ongoing geopolitical risks.
- 2024 US crude output seen rising 280k BPD to 13.21mln BPD (prev. 260k BPD increase); 2025 US crude output seen rising 510k BPD to 13.72mln BPD (prev. 460k BPD increase).
- 2024 US dry natural gas production seen at 103.58 BCF/D (prev. 103.35 BCF/D).
- Forecasts WTI crude oil prices to USD 83.78/bbl in 2024 (prev. USD 82.15/bbl).
- Forecasts WTI crude prices to average USD 82.48/bbl in 2025 (prev. USD 80.30/bbl).