The US Department of Energy raised the forecast for global oil demand

MOSCOW, 7 Sep — PRIME. The US Department of Energy slightly raised its forecasts for oil demand in the world: in 2022 it could reach 99.5 million barrels per day compared to the previously forecasted 99.4 million barrels, but kept the forecast for 2023 at 101.5 million barrels, follows from the Energy Information Administration (EIA) monthly short-term forecast of the US Department of Energy.

“We forecast that global consumption will grow by an average of 2.1 million barrels per day throughout 2022 and by an average of 2 million barrels per day in 2023. As a result of high global natural gas prices, we have raised our forecast for oil consumption in Q4 2022 and Q1 2023 as electricity suppliers, especially in Europe, may switch to petroleum-based generating fuels.

The materials of the Ministry of Energy specify that in 2022 the demand for oil will amount to 99.53 million barrels against 99.43 million barrels per day, predicted earlier. Accordingly, the assessment increased by 0.1%. At the same time, in 2023, the forecast was revised upwards by only 10,000 barrels: from 101.49 million to 101.5 million.

In addition, it is specified that, according to the ministry, in August this year, the world consumed 99.4 million barrels of oil per day, which is 1.6 million barrels more in annual terms.