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EIA lowers global crude oil demand forecast for 2021


The US Energy Information Administration (EIA) has revised its global crude oil demand forecast for 2021 down by 290K b/d from its previous report, predicting a total growth of 5.89M b/d y-o-y to 98.8M b/d. North American demand led the downward revisions, being lowered by 190K b/d to a 1.69M b/d y-o-y growth, whereas China’s forecasted demand was increased to 15.09M b/d, up by 180K b/d. Global demand for 2020 was revised up by 70K b/d from October’s report to an average of 92.91M b/d, a decline of 8.62M b/d compared to 2019.