Finance

EIA: Global oil demand to exceed 102 million barrels per day in 2024

The Power Information Administration of the US Department of Power has predicted that oil demand will increase by 1.72 million barrels/day in 2024 compared to 2023 and will reach 102.20 million barrels/day.

The Power Information Administration (EIA), a subordinate of the US Department of Power, predicted that global oil demand will continue to grow.

The EIA claimed that the consumption, which was 99.43 million barrels/day in 2022, will increase to 100.48 million barrels/day in 2023. He predicted that oil demand in 2024 will increase by 1.72 million barrels/day compared to 2023 and will reach 102.20 million barrels/day.

The EIA has also assumed that global oil supply will reach 102.83 million bbl/d in 2024, up from 100 million bbl/d in 2022. The global oil production expectation for 2023 was 101.10 million barrels/day.

Claiming that the average price of Brent oil will be 83.10 dollars / barrel in 2023 with a decrease of 18 percent compared to 2022, EIA stated that they expect the average price to decrease to 78 dollars / barrel in 2024. The average price expectation for Brent oil for 2023 was previously announced as $92.36/barrel.

While the 2023 average price expectation for US crude oil was reduced from 86.36 dollars/vaeril to 77.18 dollars/barrel, it was claimed that the average price in 2024 would be 71.57 dollars/barrel. While increasing it from 34 million barrels/day to 12.41 million barrels/day, it also predicted that the production will be 12.81 million barrels/day in 2024.