• 3 minutes Could Venezuela become a net oil importer?
  • 7 minutes Reuters: OPEC Ministers Agree In Principle On 1 Million Barrels Per Day Nominal Output Increase
  • 12 minutes Battle for Oil Port: East Libya Forces In Full Control At Ras Lanuf
  • 15 hours Could Venezuela become a net oil importer?
  • 8 hours Reuters: OPEC Ministers Agree In Principle On 1 Million Barrels Per Day Nominal Output Increase
  • 19 hours Tesla Closing a Dozen Solar Facilities in Nine States
  • 23 mins Oil prices going Up? NO!
  • 15 hours Gazprom Exports to EU Hit Record
  • 17 hours EU Leaders Set To Prolong Russia Sanctions Again
  • 15 hours Could oil demand collapse rapidly? Yup, sure could.
  • 8 hours Oil prices going down
  • 19 hours Why is permian oil "locked in" when refineries abound?
  • 15 hours Oil Buyers Club
  • 18 hours EVs Could Help Coal Demand
  • 6 hours Russia's Energy Minister says Oil Prices Balanced at $75, so Wants to Increase OPEC + Russia Oil by 1.5 mbpd
  • 1 day China’s Plastic Waste Ban Will Leave 111 Million Tons of Trash With Nowhere To Go
  • 1 day Saudi Arabia plans to physically cut off Qatar by moat, nuclear waste and military base
  • 2 hours Battle for Oil Port: East Libya Forces In Full Control At Ras Lanuf
  • 13 hours Saudi Arabia turns to solar
OPEC Meeting Could End Without Decision

OPEC Meeting Could End Without Decision

The current disunity in OPEC…

Global Energy Consumption Soars To New Heights

Global Energy Consumption Soars To New Heights

The new BP Statistical Review…

EIA Cuts Global Oil Demand Forecast, But Modestly

Oil Rig

The Energy Information Administration forecasts global oil demand to grow by 1.44 million barrels per day this year on average, which is down by 10,000 bpd from its previous projection according to its monthly report issued on Tuesday.

At the same time, however, the EIA revised up its 2017 global oil demand growth forecast to 1.49 million bpd, an increase of 20,000 bpd.

The agency’s administrator, Adam Sieminski, said that this growth – both this year and next – will be driven mainly by China and India, while European demand could weaken after Britain’s exit from the European Union.

U.S. demand, on the other hand, is set for a 160,000-barrel-a-day growth this year, according to EIA estimates. That’s down from a rate of 220,000 bpd projected earlier. Next year, demand in the world’s top consumer of crude should grow by 120,000 bpd, up from an earlier estimate of 60,000 bpd.

In 2017, the U.S. will consume an average of 19.68 million bpd, the EIA also said, with Sieminski explaining that low oil prices, robust gasoline production, and piling up fuel stockpiles will spur greater demand among motorists.

Related: The Bears Are Back – Oil Slides On Negative Sentiment

While demand rises, U.S. crude output is expected to continue its decline. In the current year, the EIA expects crude output to drop to 8.61 million bpd, which is a slight increase on the previous forecast of an average 8.6 million bpd. Next year, this will fall further to 8.2 million bpd, up from a previous forecast of 8.19 million bpd.

Also today, the International Energy Agency warned that demand for crude is slowing down while stockpiles are staying at record highs. Even though the agency acknowledged that the superglut from the start of the year has begun to subside, there were warning signs of potential instability, namely abundant stockpiles that could threaten the market’s rebalancing.

By Irina Slav for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage

Leave a comment

Leave a comment

Oilprice - The No. 1 Source for Oil & Energy News