The U.S. Energy Information Administration lowered its forecast for global oil demand growth in 2025 due to weaker economic outlooks in developed nations, causing a decrease in predicted Brent crude oil prices.
Global oil demand is set to grow next year at a lower rate than previously expected, the U.S. Energy Information Administration EIA said in its Short-Term Energy Outlook STEO for October, as it slashed its Brent oil price forecasts for 2025 due to lower expected demand increase. The EIA now expects global oil demand to grow by 1.3 million barrels per day bpd in 2025, due to downgraded forecasts of consumption in developed economies in the OECD.
Most of the EIA’s expected global liquid fuel demand growth is from non-OECD countries where liquid fuels consumption is set to increase by 1.0 million bpd in 2024 and 1.2 million bpd in 2025. This would be in contrast to consumption in OECD countries, which is projected to fall by 100,000 bpd in 2024 before increasing by a similar amount in 2025. For the U.S., the EIA cut its estimate of liquid fuel consumption to 20.49 million bpd in 2025, down from the September estimate of 20.64 million bpd.
Oil Price U.S. Energy Information Administration (EIA) Brent Crude Oil Economic Growth Recession Developed Economies Non-OECD Countries Liquid Fuels Consumption Forecast.
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