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.