eia oil demand forecast

"EIA raises forecast for 2022 world oil demand growth by 330,000 bpd, now sees 3.83 million bpd year-on-year increase." In its monthly report, OPEC left its estimates on the growth of global oil demand unchanged at 5.95 million bpd. The U.S. Energy Information Administration (EIA) has expressed optimism about oil demand growth owing to a stronger global economy this year, accelerating oil demand to … The United States Energy Information Administration (EIA) announced Tuesday that it lowered its forecast for global oil demand growth in 2021 by 80,000 barrels per day (bpd) to 5.42 million bpd, Reuters reported. Futures Movers Oil prices end higher on stimulus hopes, EIA supply decline, but demand outlook remains dim Last Updated: Dec. 16, 2020 at 3:05 … EIA revised down oil demand growth forecast on coronavirus and warmer weather. The EIA cut its 2019 oil demand growth forecast by 70,000 bpd. The lower forecast is due to weak expectations from the first quarter. Our outlook looks back at 2020 and presents our most-likely scenarios for oil demand, supply, and prices through 2040. Reuters; February 12, 2020, 13:50 IST In its latest Short-Term Energy Outlook, the US Energy Information Administration … EIA in U.S. cuts global oil demand forecast after coronavirus outbreak. In its latest monthly report, the US Energy Information Administration (EIA) said that it lowered its forecast for global oil demand growth by 60,000 barrels per day (bpd) to 5.32 million bpd in 2021, as reported by Reuters. In its Annual Energy Outlook 2021, the Energy Information Administration (EIA) assumes that current laws and regulations in effect as of September 2020 will remain through 2050.It expects the U.S. gross domestic product (GDP) to increase annually at a rate of 2.1 percent and that the Brent crude oil price will reach $95 a barrel in 2050 (in constant 2020 dollars). The agency estimated 2021 production at 11.02 million barrels a day this year, down from a previous forecast of 11.1 million. Although EIA’s projections suggest it will take several years for U.S. hydrocarbon demand to fully return to pre-COVID levels, the report indicates that oil and gas will continue to serve as the backbone of the U.S. energy mix through the end of the 29-year forecast range, even amid strong projected growth in renewable capacity. The U.S. Energy Information Administration on Tuesday cut its 2021 world oil demand growth forecast by 110,000 barrels per day to 5.78 million bpd. Crude oil price is still within a horizontal channel as the coronavirus pandemic remains as the greatest hurdle in the recovery of global oil demand. The EIA trimmed its outlook for the 2020 global oil demand contraction to 8.15 million bpd, from 8.34 million bpd projected last month. For the EIA, it was the first upward revision to its 2021 demand outlook since August, with the forecast still 510,000 barrels a day lower than it was in December. reuters This estimate is almost 200,000 barrels per day, lower than in January.. Between 2019 and 2025, global oil demand is forecast to grow at an average annual rate of just below 1 mb/d. The International Energy Agency (EIA) expects global oil demand to grow by 5.4 million barrels per day in 2021 to 96.4 million barrels per day, Report informs, citing the EIA.. The US Energy Information Administration (EIA) has said in its latest report just released to the markets that it was cutting the crude oil demand growth forecast for 2021 to 5.32 million barrels per day (bpd), a drop of 60,000 barrels. EIA now forecasts OPEC crude oil production will average 25.7 million b/d in the first quarter of 2021, which is 1.7 million b/d lower than forecast in … EIA’s forecast of declining crude oil prices and a more balanced oil market reflect global oil supply surpassing oil demand during the second half of 2021,” the EIA added. EIA now forecasts OPEC crude oil production will average 25.7 million b/d in the first quarter of 2021, which is 1.7 million b/d lower than forecast in November and reflects the announced changes to OPEC+ targets and more effective assumed compliance with targets. Since its inception in 1983, the IEA's Oil Market Report (OMR) has become recognised as one of the world’s most authoritative and timely sources of data, forecasts and analysis on the global oil market – including detailed statistics and commentary on oil supply, demand, inventories, prices and refining activity, as well as oil trade for OECD and selected non-OECD countries. Oil Price Outlook Hinges on US Output as OPEC Upgrades Demand Forecast. In its monthly forecast, the agency cut its oil demand growth estimate for 2020 by 240,000 bpd to 8.85 million bpd. EIA cuts global oil demand forecast amid coronavirus The US Energy Information Administration cut its global oil demand growth forecast for 2020 by 310,000 barrels per day (bpd) as the coronavirus outbreak impedes oil consumption in China, the world’s second biggest economy. Oil Price Fundamental Daily Forecast – Today’s EIA Report Expected to Show Crude Oil, Gasoline Drawdowns The API reported a draw in crude oil … The U.S. Energy Information Administration on Tuesday cut its global oil demand growth forecast for this year by 310,000 barrels per day (bpd) as the coronavirus outbreak dents oil … On Tuesday the EIA, part of the U.S. Department of Energy, cut its 2019 oil demand growth forecast to 1.01 million barrels a day. Its 2020 forecast for global demand growth increased, however, by 30,000 bpd to 1.43 million barrels per day. The probable economic contraction in India, which is the third largest crude oil consumer, is one of the key underlying reasons. The EIA has slightly more conservative estimates about global oil demand growth than OPEC. "EIA leaves 2021 world oil demand growth unchanged at … The 2021 global oil demand growth was lifted by 200,000 bpd, while the 2022 growth estimate was revised down by 100,000 bpd from the March forecasts, which had pegged demand growth at 5.3 million bpd this year and 3.8 million bpd in 2022. US EIA cuts 2021 world oil demand growth forecast. The high as reached $60.90. The U.S. Energy Information Administration on Tuesday cut its global oil demand growth forecast for this year by 310,000 barrels per day (bpd) as the coronavirus outbreak dents oil … COVID-19 sent shocks through global oil markets, with oil demand and supply still struggling to return to pre-pandemic levels. EIA demand and supply forecasts The price of crude oil today is up about $1.09 or 1.9% at 59.74. Following a contraction in 2020 and an expected sharp rebound in 2021, global oil demand growth is set to weaken as consumption of transport fuels increases more slowly. The low was at $58.62. As COVID-19 vaccines are rolled out worldwide, the demand outlook is also improving, boosting oil prices. EIA’s forecast of downward oil price pressure and increased crude oil availability has several key uncertainties.’ EIA said the speed of actual demand recovery, based on COVID-19 vaccination rates and the degree to which travel and employment conditions return to pre-COVID norms, ‘remains an important uncertainty on the demand side’. The EIA forecast that global consumption of petroleum and liquid fuels will average 97.5 million bbl/d for all of 2021, which is up by 5.3 million bbl/d from 2020. Oil (WTI-Apr) made a mid-US session high around 63.44 Wednesday, jumped almost +5.40% on upbeat demand forecast by OPEC and IEA coupled with a surprised U.S. oil inventory draw down report by EIA/API for the week ended 9th April. On a positive note, the EIA increased its forecast for global oil demand … After more than 1,000 deaths and weeks of uncertainty that has roiled global financial markets and stoked fears of a slowdown in economic growth, China's foremost medical adviser on the epidemic said infections may be over by April. The EIA's global oil demand estimate for 2010 was between last month's demand forecast from the International Energy Agency's of 86.57 million bpd and the Organization of … To 8.15 million bpd scenarios for oil demand growth forecast by 70,000 bpd to grow at an average annual of. Tuesday cut its 2019 oil demand growth estimate for 2020 by 240,000 bpd to million! Down from a previous forecast of 11.1 million Output as OPEC Upgrades demand forecast after coronavirus outbreak % 59.74. 3.83 million bpd, now sees 3.83 million bpd from the first quarter demand growth by bpd. 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