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EIA forecasts global oil supply to increase in 2024

Published by , Editorial Assistant
Hydrocarbon Engineering,

The US Energy Information Administration (EIA) expects global liquid fuels production to increase by 1 million bpd in 2024. The EIA expects OPEC+ production cuts will remain in place through the end of 2024 and offset non-OPEC production growth. A slight decline in global oil inventories is expected in early 2024.

In its November Short-Term Energy Outlook (STEO), the EIA forecasts Brent crude oil prices will average approximately US$93/bbl in 2024, up by over US$9/bbl from 2023. Risks of supply disruptions and price volatility are heightened amid potential conflict spreading in the Middle East.

In addition, EIA forecasts that US motorists will consume less gasoline per capita in 2024, resulting in the lowest gasoline consumption in two decades. “US motorists are driving less because they aren't commuting to work every day, newer gasoline-fueled vehicles are more efficient, and there are more electric vehicles on the road,” said EIA Administrator, Joe DeCarolis. “Put those trends together with high gasoline prices and high inflation, and we find that US motorists are using less gasoline.”

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