EIA: World oil demand forecast to rise by 170K BPD to 1.76M BPD YoY | Forexlive

The EIA is out with forecasts for supply and demand.

• EIA 2023 world oil demand growth forecast raised by 170k BPD to 1.76mln BPD Y/Y,
• 2024 forecast demand cut by 60k BPD to a 1.64mIn BPD Y/Y .

Production:

• 2023 US Dry Natural Gas production seen at 102.35 BCFD (prev. 102.74 BCFD in June).
• 2024 US Dry Natural Gas production seen at 102.40 BCFD (prev. 103.04 BCFD).
• US crude oil production to rise 57k BPD to 12.56mln BPD in 2023 (prev. 78k BPD rise).

US Consumption:

• 2023 US Natural Gas consumption seen at 89.02 BCFD (prev. 88.64 BCFD)
  .
• 2024 US Natural consumption seen at 87.81 BCFD (prev. 86.59 BCFD).
• US total petroleum consumption to rise 400k BPD to 20 8mln BPD in 2024 (prev. 300k BPD rise).
• Expect record-high Natural Gas consumption in US for electricity generation in July.

EIA expects crude oil prices to reach USD 80/bbl in Q4 ’23.