EIA: World oil demand will increase by 2.08 million bpd to 99.43 million bpd in 2022

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Global oil demand will rise by 2.08 million barrels per day (bpd), down from 2.23 million previously forecast, to 99.43 million bpd in 2022, the United States Energy Information Administration in its latest monthly report, as reported by Reuters.

More information

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“Global oil demand will increase by 2.06 million bpd to 101.49 million bpd in 2023 (vs. forecast 2.00 million bpd increase last month).”

“US crude oil production will increase by 610,000 bpd to 11.86 million bpd in 2022 (vs. forecast 720,000 bpd increase last month).

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“US crude oil production will increase by 840,000 bpd to 12.70 million bpd in 2023 (vs. forecast 860,000 bpd increase last month).”

“Total US oil consumption will increase by 560,000 bpd to 20.34 million bpd in 2022 (vs. forecast 700,000 bpd increase last month).”

“U.S. oil demand will increase by 410,000 bpd to 20.75 million bpd in 2023 (vs. forecast 320,000 bpd increase last month).”

market reaction

Oil prices continue to decline after this report. At the time of this writing, West Texas Intermediate a barrel was down 0.45% on the day to $90.10.

Source: Fx Street

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