Crude prices tumbled further on Tuesday, falling over 2% as demand concerns rattled the global oil markets with economic uncertainty fueled by renewed fears of a recession dampening the consumption of crude ahead of winter. Concerns over economic slowdown globally increased in the face of the United States congressional elections, while fears of a “technical recession” next year stormed the euro area. The United States Energy Information Administration (EIA) lowered the consumption of crude globally, warning that deteriorating economic conditions could cause crude prices to fall below market estimates.
US EIA cuts global oil demand forecast for 2023… still expects demand to grow by 1.16 million bpd.
The United States Energy Information Administration (EIA) stated on Tuesday that its downgraded its global oil demand forecast for 2023 by 320,000 barrels per day (bpd) and now expects demand to grow by 1.16 million bpd. Meanwhile, the oil demand growth outlook for this year was raised by 140,000 bpd to 2.26 million bpd year on year. In its Short-Term Energy Outlook (STEO) for November, the EIA also noted it expects the United States GDP to fall slightly next year and contribute to a drop in the country’s energy consumption. Furthermore, the agency sees renewable sources providing 22% of US electricity generation in 2022 and 24% in 2023. The United States Energy Information Administration (EIA) stated on Tuesday that its downgraded its global oil demand forecast for 2023 by 320,000 barrels per day (bpd) and now expects demand to grow by 1.16 million bpd. Meanwhile, the oil demand growth outlook for this year was raised by 140,000 bpd to 2.26 million bpd year on year. In its Short-Term Energy Outlook (STEO) for November, the EIA also noted it expects the United States GDP to fall slightly next year and contribute to a drop in the country’s energy consumption. Furthermore, the agency sees renewable sources providing 22% of US electricity generation in 2022 and 24% in 2023. NN: It is freeging amazing to me how a 1.16 million BPD of increasing oil demand can get a headline that the EIA reduces demand growth. You don’t link its political do you? Their is no oil to meet the increased demand. We are heading for a collision with reality.