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EIA Adjusts Downward 2024 World Oil Demand Projection, Ups Output Estimates

EIA Adjusts Downward 2024 World Oil Demand Projection, Ups
BBC BBC
EIA Adjusts Downward 2024 World Oil Demand Projection, Ups
BBC BBC

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EIA Adjusts Downward 2024 World Oil Demand Projection, Ups Output Estimates

The latest update from the U.S. Energy Information Administration (EIA) indicates a shift in world oil demand and production expectations. According to the monthly Short-Term Energy Outlook (STEO), global oil demand is projected to grow less than estimated for the current year. Simultaneously, production forecasts for regions outside the Organization of Petroleum Exporting Countries (OPEC) have been revised upwards, leading to a more balanced market outlook.

The EIA has raised its forecasts for production from regions outside OPEC while reducing its expectations for demand from developed economies. This adjustment has led to a recalibration of the overall outlook for world crude oil and liquid fuels production. The agency anticipates a growth of 970,000 barrels per day (bpd) in production, bringing the total to 102.76 million bpd for the year. This figure represents an increase from the previous estimate of 850,000 bpd.

Additionally, the EIA has slightly revised its estimate of global oil and liquids output for the previous year, now pegged at 101.79 million bpd, compared to the earlier projection of 101.80 million bpd.

As for oil and liquid fuels consumption, the EIA now expects a growth of 920,000 bpd in 2024, reaching 102.84 million bpd. While this still indicates an expansion in demand, it is slightly lower than the previous forecast of 950,000 bpd made in the April update of the STEO.

These adjustments suggest a more nuanced understanding of the factors influencing the global oil market. Despite ongoing demand growth, particularly in emerging economies, production increases outside of OPEC and evolving consumption patterns in developed nations shape the overall supply-demand dynamics.

The EIA’s updated projections highlight the complexities in forecasting global oil trends, emphasizing the need for continuous monitoring and analysis to assess market conditions accurately. The revised outlook underscores the importance of adapting strategies and policies to navigate the evolving landscape of the energy sector.


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