EIA STEO: 2024 world oil output of 102.6mln BPD (prev. 102.5mln); sees 2025 output of 104.7mln BPD (prev. 104.5mln). 2024 world oil demand of 103.1mln BPD (prev. 103.1mln BPD); sees 2025 demand of 104.4mln BPD (prev. 104.3mln)

Demand

• 2024 oil demand of 20.3mln BPD (prev. 20.3mln BPD). Sees 2025 demand of 20.5mln BPD (prev. 20.5mln BPD)


• 2024 US Natgas demand of 90 BCF/D, (prev. forecast 90.1 BCF/D); sees 2025 demand of 89.6 BCF/D (prev. 89.1 BCF/D)

Production

• US oil production to average 13.44mln BPD in November vs 13.45mln in October; to average 13.52mln BPD in December.


• US natural gas production to average 113.7 BCF/D in November vs 113.3 in October; to average 113.8 BCF/D in December.

Output

• Sees 2024 US oil output of 13.23mln BPD (prev. forecast of 13.22mln); sees 2025 output of 13.53mln BPD (prev. 13.54mln BPD)


• Sees 2024 US Natgas output of 103.3 BCF/D (prev. 103.5 BCF/D); sees 2025 demand of 104.5 BCF/D (prev. 104.6 BCF/D).

Prices

• 2024 WTI price to average of USD 77/bbl (prev. forecast 76.91/bbl); 2025 price to average USD 71.6/bbl (prev. 73.13/bbl)


• 2024 Brent price average of USD 80.95/bbl (prev. forecast of 80.89/bbl); 2025 price to average USD 76.06/bbl (prev. 77.59/bbl).


• Expects global oil prices to rise through Q1 2025 on inventory drawdowns, despite declines in October.

Commentary

• India accounts for 25% of total oil consumption growth globally in 2024 and 2025, making it the top source of demand growth in the forecasts.

13 Nov 2024 - 17:00- ForexImportant- Source: Newswires