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The EIA's current forecast predicts oil consumption at 101.8 million bpd in 2023, staying steady from the July forecast. It is expected to climb to 102.94 million bpd in 2024, up slightly from the previous estimate of 102.91 million bpd, and then rise to 104.55 million bpd in 2025, down from the prior estimate of 104.68 million bpd.
Consequently, the agency anticipates a 1.1 million bpd increase in demand in 2024, while liquid hydrocarbon (LHC) demand growth is projected to rise to 1.6 million bpd in 2025 (compared to the previous estimate of 1.8 million bpd growth in 2025).
The report stated that the majority of the decrease in our projected oil usage is due to China, where the analysts anticipate that a decline in diesel consumption will persist due to slower economic growth.
The organization expects a 3% increase in U.S. jet fuel usage for 2024 and another 3% for 2025, surpassing pre-pandemic levels from 2019. Therefore, it is anticipated that the cost of jet fuel will increase more compared to other oil-based products.
source: bloomberg.com
Consequently, the agency anticipates a 1.1 million bpd increase in demand in 2024, while liquid hydrocarbon (LHC) demand growth is projected to rise to 1.6 million bpd in 2025 (compared to the previous estimate of 1.8 million bpd growth in 2025).
The report stated that the majority of the decrease in our projected oil usage is due to China, where the analysts anticipate that a decline in diesel consumption will persist due to slower economic growth.
The organization expects a 3% increase in U.S. jet fuel usage for 2024 and another 3% for 2025, surpassing pre-pandemic levels from 2019. Therefore, it is anticipated that the cost of jet fuel will increase more compared to other oil-based products.
source: bloomberg.com