US Energy Information Administration Raises Forecast for Global Oil Demand in 2024 and 2025

The US Energy Information Administration on Tuesday raised its forecast for the growth of global demand for oil during the current year to 1.10 million barrels per day, and in 2025 by 300 thousand barrels per day to 1.80 million barrels per day. The administration said in its report that US oil production will grow by 320,000 barrels per day this year to 13.25 million, recording a record slightly larger than previously expected. It also raised its production expectations for next year as well, as it expects US production to reach 13.77 million barrels per day, up from its previous forecast of 13.71 million barrels per day. The administration had expected that average US production this year would reach 13.24 million barrels per day. Source: Qatar News Agency