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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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