Oil Demand at 4-Year High to Hold Steady for 2024, EIA Says
03.02.2024 By Tank Terminals - NEWS

March 2, 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

Oman Signs 10-Year LNG Supply Deal with Shell
04.17.2024 - NEWS
April 17, 2024 [Microsoft Start]- Oman LNG has signed a 10-year liquefied natural gas supply agre... Read More
Neuman & Esser to Build Green Hydrogen Plant in Chile
04.17.2024 - NEWS
April 17, 2024 [Gas Compression Magazine]- Neuman & Esser was awarded a contract from Empresa... Read More
Engie Buys Two Dutch Biogas Sites, Hunts for More
04.17.2024 - NEWS
April 17, 2024 [Reuters]- French energy company EngieĀ (ENGIE.PA), opens new tabĀ has acquired tw... Read More
Shell Named NanoVapor as Best Technology to Make a Tank Safe
04.17.2024 - NEWS
April 17, 2024 [Storage Terminals Magazine]- Shell Retail Engineering Network has recently implem... Read More