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The US Department of Energy raised the forecast for global oil demand in 2022-2023

The US Department of Energy raised the forecast for global oil demand in 2022-2023

The US Department of Energy has raised its forecast for global oil demand in 2022-2023, the agency’s Energy Information Administration (EIA) said on September 7.

As specified, the forecast for 2022 has been increased from the previous 99.43 million barrels to 99.54 million barrels per day, for 2023 – from 101.49 million barrels to 101.50 million barrels per day.


The commentary of the US department notes that due to high gas prices, an increase in global oil consumption is expected in the fourth quarter of 2022 and the first quarter of 2023, as electricity suppliers, especially in Europe, may switch to oil generating fuel.