The Strategist

U.S. Department of Energy reports increase in global oil demand


09/09/2021 - 06:05



Global oil demand in August was 98.4 million bpd, up 5.7 million bpd from August 2020 but 4 million bpd lower than August 2019, according to the U.S. Energy Information Administration's (EIA) monthly short-term forecast from the Department of Energy.



piqsels
piqsels
"We estimate that the world consumed 98.4 million bpd of oil and liquid hydrocarbons in August, 5.7 million bpd more than in August 2020 but 4 million bpd less than in August 2019," the report reads.

Meanwhile, global oil demand was 98.8 million bpd in July, up 400,000 bpd from August, according to the U.S. Department of Energy.

The Ministry of Energy downgraded the forecast for global oil demand in 2021, now expects growth of 5 million barrels per day instead of 5.3 million, follows from the monthly short-term forecast of the Energy Information Administration (EIA) of the Ministry.

At the same time, the demand growth forecast for 2022 remained unchanged - as before, it is expected to increase by 3.6 million bpd, to 101 million bpd.

The Energy Department of the USA lowered the average forecast of oil production in the country this year by 40 thousand barrels per day - up to 11.08 million, and the forecast for the next year - by 50 thousand - up to 11.72 million barrels per day, follows from the monthly short-term forecast of the Energy Information Administration of the Ministry (EIA).

source: cnn.com




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