EIA: World oil demand forecast to rise by 170K BPD to 1.76M BPD YoY

<p>The EIA is out with forecasts for supply and demand.</p><ul><li>EIA 2023 world oil demand growth forecast raised by 170k BPD to 1.76mln BPD Y/Y, </li><li>2024 forecast demand cut by 60k BPD to a 1.64mIn BPD Y/Y . </li></ul><p>Production:</p><ul><li>2023 US Dry Natural Gas production seen at 102.35 BCFD (prev. 102.74 BCFD in June). </li><li>2024 US Dry Natural Gas production seen at 102.40 BCFD (prev. 103.04 BCFD).</li><li>US crude oil production to rise 57k BPD to 12.56mln BPD in 2023 (prev. 78k BPD rise).</li></ul><p>US Consumption:</p><ul><li>2023 US Natural Gas consumption seen at 89.02 BCFD (prev. 88.64 BCFD)
. </li><li>2024 US Natural consumption seen at 87.81 BCFD (prev. 86.59 BCFD).</li><li> US total petroleum consumption to rise 400k BPD to 20 8mln BPD in 2024 (prev. 300k BPD rise). </li><li>Expect record-high Natural Gas consumption in US for electricity generation in July.
</li></ul><p>EIA expects crude oil prices to reach USD 80/bbl in Q4 ’23.

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This article was written by Greg Michalowski at www.forexlive.com.