EIA: 2023 will see a sharp decline in oil consumption growth
The US Energy Information Administration cut its forecast of global oil demand growth for next year by 320,000 barrels per day to 1.16 million bpd, while increasing oil demand growth for 2022 by 140,000 bpd. , bringing it to 2.6 million bpd, according to its Short-Term Energy Outlook released Tuesday.
The EIA expects global oil inventories to begin to decline again in early 2023, following growth of 0.8 million bpd in the third quarter of 2022 and 0.2 million bpd in the fourth quarter of this year. For 2023, the EIA expects a decline in global oil inventories of 1.2 million bpd in the first quarter of next year, for an average loss of 300,000 bpd for the full year 2023.
This week the Biden administration pledged to approve "oil drilling shutdown" in the United States, while OPEC + moved to cut production targets by 2 million bpd. The EIA's STEO predicts that U.S. crude oil production will average 11.83 million bpd this year and 12.31 million bpd next year. The EIA also expects a drop in OPEC crude oil production in November and December. For 2023, the EIA expects OPEC average production of 28.9 million bpd, an increase of 300,000 bpd over this year.
The forecast of the Brent barrel price for next year is an average of 95.33 dollars, down from the average of 102.13 dollars in 2022, due to the "growth of OPEC and non-OPEC oil production, especially in United States". The EIA expects Brent barrel prices to rise in the second half of next year.
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The EIA article: 2023 will see a sharp decline in oil consumption growth comes from Economic Scenarios .
This is a machine translation of a post published on Scenari Economici at the URL https://scenarieconomici.it/eia-il-2023-vedra-un-forte-calo-nella-crescita-dei-consumi-di-petrolio/ on Wed, 09 Nov 2022 21:50:58 +0000.