EIA STEO (AUGUST): 2023 world oil demand growth unchanged at 1.76mln BPD increase, 2024 growth forecast cut by 30k BPD to a 1.61mln BPD increase
Important
SourceNewsquawk
SectionEnergy & Power
- 2023 US oil consumption forecast raised to a 200k BPD increase to 20.5mln BPD (prev. +100k BPD), 2024 US oil consumption forecast cut to a +200k BPD increase to 20.7mln BPD (prev. +400k BPD).
- 2023 US oil production forecast raised to an 850k BPD increase to 12.76mln BPD (prev. +670k BPD), 2024 US oil production forecast raised to a 330k BPD increase to 13.09mln BPD (prev. +290k BPD).
- Brent price seen averaging USD 86/bbl in H2 2023, up USD 7/bbl since prior forecast.
Nat Gas:
- 2023 US dry natural gas production forecast raised to 103.0 BCF/D from 102.35 BCF/D, 2024 forecast raised to 104.12 BCF/D from 102.40 BCF/D.
- 2023 US natural gas consumption forecast raised to 89.34 BCF/D from 89.02 BCF/D, 2024 forecast raised to 87.88 BCF/D from 87.81 BCF/D.
Via EIA