The US Energy Information Administration (EIA) has reviewed its forecast for world oil demand, says CommerzBank raw material analyst Carsten Fritsch.
The fears of excess supply push the prospects of the oil price
“Now expect an increase of only 900,000 barrels per day this year and 1 million barrels per day next year. Previously, the expected increase was 1.2 million barrels per day in each case. According to the EIA, the weakest demand and the increased production increase by the OPEC+ will probably lead to a greater excess of supply in the oil market in the second half of the year.”
“As a result, the EIA also significantly reduced its assumptions for oil prices. In response, EIA also reduced its forecast for the production of US crude oil. U.U. It is expected that only 300,000 barrels are expected to increase in 2025 and that practically stagnated next year.”
Source: Fx Street
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