Oil Demand at 4-Year High to Hold Steady for 2024, EIA Says
03.08.2024 By Tank Terminals - NEWS

March 8, 2024 [BNN Bloomberg]- Oil demand in the US surged to a four-year high in 2023 and is expected to hold near that level through 2024.

 

Domestic fuel consumption reached 20.23 million barrels a day last year, the highest level since 2019, according to Energy Information Administration data released Thursday. US demand should continue to strengthen this year to an average 20.39 million barrels a day, just below 2019 levels, said the agency.

Forecasts for oil use are being closely watched by market participants, with global balances teetering into oversupply. The EIA has in recent years come under fire for underestimating US demand in its weekly reports, only to revise them markedly higher in the monthly data.

READ: Summertime Fuel-Demand Drop Sparks Furor Over US Data

In its Thursday report, the EIA raised its estimate for December jet fuel demand by 5%. The agency also revised higher its figures for year-end gasoline and diesel consumption.

 

Free Trial: Access 13,300 Tank Terminal and Production Facilities

13,300 tank storage and production facilities as per the date of this article. Click on the button and register to get instant access to actionable tank storage industry data

UAE Invests Billions in AI to Diversify Economy Beyond Oil
11.13.2024 - NEWS
November 13, 2024 [Oil Price]- The United Arab Emirates’ state-owned energy giant Abu Dhabi Nat... Read More
Gulf Energy Transition: Assessing Saudi and Emirati Goals
11.13.2024 - NEWS
November 13, 2024 [The Washington Institute]- On October 29, during Saudi Arabia’s annual Futur... Read More
How will The Energy Sector Fare Under Donald Trump?
11.13.2024 - NEWS
November 13, 2024 [Investing Daily]- The energy sector experienced a notable boost following Dona... Read More
PNOC, Pertamina Partner on LNG Infrastructure, Supply Chain
11.13.2024 - NEWS
November 13, 2024 [Manila Bulletin]- State-run Philippine National Oil Company (PNOC) has signed ... Read More