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10/12/2022, 6:42 PM (Source: TeleTrader)
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US EIA slashes 2023 global oil demand forecast

The United States Energy Information Administration (EIA) stated that its projection for global oil demand in 2023 has been reduced by 500,000 barrels per day from the previous forecast to 101 million bpd, according to its Short-Term Energy Outlook (STEO) report for October released on Wednesday.

Similarly, the estimate for 2023 global oil production was cut by 600,000 bpd to 100.7 million bpd and takes into account the latest decision by OPEC+ to lower output across the alliance. The US oil production forecast for 2023 now stands at 12.4 million bpd compared to 12.6 million bpd from the September STEO and the country's gasoline consumption estimate was revised down by 100,000 bpd.

The EIA now expects the Henry Hub natural gas spot price to average about $7.40 per million British thermal units (MMBtu) in the fourth quarter of 2022, down $1.60/MMBtu compared to the previous month's projection.

Baha Breaking News (BBN) / MS