EIA reduces global oil demand for 2024, increases production forecast

EIA reduces global oil demand for 2024, increases production forecast
EIA reduces global oil demand for 2024, increases production forecast

Global oil demand is expected to grow more slowly this year than previous estimates and production is expected to increase faster than previously thought, resulting in a more balanced market, the U.S. Information Administration said Tuesday. on Energy (EIA).

The agency raised its production forecasts for regions outside the Organization of the Petroleum Exporting Countries (OPEC), while reducing its expectations for demand from developed economies, according to a monthly Short-Term update EIA Energy Outlook (STEO).

The EIA now expects total global production of crude oil and liquid fuels to increase by 970,000 barrels per day (bpd) to 102.76 million bpd this year, compared with an estimated increase of 850,000 bpd previously.

The agency also slightly lowered its estimate for last year’s global oil and liquids production to 101.79 million bpd, from 101.80 million bpd previously.

Global consumption of oil and liquid fuels is now expected to increase by 920,000 bpd this year to 102.84 million bpd, which is slightly lower than the 950,000 bpd growth forecast by the EIA in the update. April of its STEO. (Reporting by Shariq Khan and Laila Kearney in New York; Editing by Nick Zieminski)

-

-

PREV behind the scenes of the largest network of fake e-commerce sites in the world
NEXT Photovoltaics: is your neighborhood prone to inverter failures? A map helps you see things more clearly