All articles tagged with #energy outlook
Gasoline prices are unlikely to return quickly to pre-war levels due to ongoing Iran-related supply risks and Strait of Hormuz disruptions; analysts expect a slow decline with some regions possibly falling below $3/gal later this year, but the national average and volatility may remain elevated as markets price in extended tension and logistical bottlenecks.
The U.S. Energy Information Administration (EIA) has revised its forecast for domestic oil growth in 2024, projecting a slower increase of 170,000 barrels per day (bpd) compared to last year's 1.02 million bpd. U.S. crude oil production is expected to reach 13.21 million bpd in 2024, with a slight decrease in the middle of the year. Global oil inventories have risen due to disruptions in the Red Sea shipping lane, and the EIA anticipates a rise in crude oil prices into the mid-$80s followed by downward pressure in the second quarter of 2024.
The International Energy Agency (IEA) has raised its 2024 global oil demand growth forecast for the third consecutive month, now projecting a rise of 1.2 million barrels per day (bpd) compared to 2023, citing macroeconomic headwinds and an expanding electric vehicle fleet. Meanwhile, OPEC expects robust world oil demand growth of 1.8 million bpd in 2025, with higher global economic growth and solid activity in China contributing to the outlook.