US EIA STEO: Raises forecast for 2024 world oil demand growth by 50k BPD, now sees 1.39mln BPD Y/Y increase; 2025 world oil demand to hit 103.67mln BPD, +1.21mln BPD from 2024
- US Crude oil production to rise by 290k BPD to 13.21mln BPD in 2024 (prev. forecast a rise of 180k BPD).
- US Crude oil production to rise by 230k BPD to 13.44mln BPD in 2025.
- US total petroleum consumption to rise by 200k BPD to 20.4mln BPD in 2024 (prev. forecast rise of 300k BPD).
- US total petroleum consumption expected to rise by 100k BPD to 20.5mln BPD in 2025.
- Expects global liquid fuels production to rise by 600k BPD in 2024 and 1.6mln BPD in 2025.
- Brent crude price to average USD 82/bbl in 2024, about the same as in 2023; and then fall to USD 79/bbl in 2025.
OPEC
- EIA expects that OPEC+ production cuts will lead to global oil inventory withdrawals of 0.8mln BPD on average in Q1 24.
- OPEC+ crude oil production declines by 0.6mln BPD in 2024 forecast, which is offset by 1.2mln BPD of production growth outside of the group.
- Expects OPEC+ to increase crude oil production by 700k BPD in 2025 as output cuts expire.
via EIA STEO
09 Jan 2024 - 17:10- EnergyGeopolitical- Source: Newswires
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