Energy Preview: EIA Cuts World Oil Demand Growth Forecast For 2023

9 Nov 2022 , 08:57 AM

The US Energy Information Administration (EIA) has cut its world oil demand growth forecast for next year. The EIA has cut its 2023 world oil demand growth forecast by 320,000 barrels per day, to 1.16 million bpd, while raising 2022 oil demand growth by 140,000 bpd, to 2.6 million bpd, according to its Short-Term Energy Outlook published on Tuesday. The EIA now expects global oil inventories to begin to fall again early in 2023, after what it sees as a 0.8 million bpd growth in Q3 2022, and a 0.2 million bpd growth in Q4 this year. For 2023, the EIA sees global oil inventories falling by 1.2 million bpd in the first quarter next year, for an average 300,000 bpd loss for the full year 2023.Powered by Commodity Insights