The EIA raised its 2024 forecast for US crude oil demand while revising down its price outlook for this year and next.
The U.S. Energy Information Administration EIA has raised its forecast for crude oil demand in the United States, according to the agency’s Short-Term Energy Outlook released today—although its price outlook for this year and next has been revised down. The EIA now sees U.S. petroleum and other liquid fuels consumption averaging 20.5 million barrels per day in 2024—that’s up from the agency’s forecast in July of 20.4 million bpd.
For Brent pricing, the EIA reduced its forecast for this year and next, lowering its projections by $2 per barrel to $84 per barrel for the full year 2024. For next year, the EIA also revised its forecast down by $2 per barrel to an average of $86 for the full year. While prices have been recently on a downward trend and the full-year 2024 guidance has been reduced, the EIA continues to expect crude oil prices to rise in the second half of 2024.
Crude Oil Oil Demand US Oil Demand Oil Price Forecast Brent Crude Energy Outlook Petroleum Liquid Fuels Oil Market
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