US EIA cuts forecast for 2021 world oil demand growth by 370K bpd

US EIA cuts forecast for 2021 world oil demand growth by 370K bpd

EIA out with demand and supply forecasts

  • US EIA cuts forecast for 2021 world oil demand growth by 370K bpd. Now sees 4.96M bpd YoY increase
  • Raises forecast for 2022 world oil demand growth by 10K bpd.  Now sees 3.6 million bpd YoY increase
  • Leaves 2021 world oil demand growth unchanged at 5.33M bpd YoY increase
  • Leaves 2022 world oil demand growth unchanged at 3.62M bpd year on year increase

In the US:

  • US crude output to fall 200K bpd to 11.08M bpd in 2021 (vs fall of 160K bpd forecast last month)
  • US petroleum demand to rise 890K bpd to 20.63 million BPD in 2022 (vs rise of 860K bpd previously forecast)
  • US petroleum demand to rise 1.55M bpd to 15.74M bpd in 2021 (vs rise of 1.58M bpd previously forecast)
  • US crude output to rise 640K bpd to 1.72M bpd in 2022 (versus rise of 650K bpd forecast last month)

The price of WTI crude oil futures are trading up around $0.95 or 1.36% at $69.30.  

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