BAKU, Azerbaijan, February 7. The projections from the US Energy Information Administration (EIA) point to a surge in global liquid fuels consumption, with an estimated increase of 1.4 mb/d in 2024, Trend reports.
Thus, world oil demand is forecast to stand at 102.4 mb/d this year. A subsequent increase of 1.3 mb/d is expected in 2025, reaching 103.7 mb/d.
The major catalyst for this growth in liquid fuels demand is non-OECD Asia, led by China and India, the EIA said. At the same time, the agency anticipates a combined consumption hike of 0.6 mb/d in 2024 and an additional 0.5 mb/d in 2025 from these regions.
Furthermore, liquid fuels consumption in OECD countries is poised to remain relatively steady throughout both 2024 and 2025 - at 46 mb/d, the agency noted.
As such, oil demand in OECD Europe is expected to stand at around 13.4 mb/d both in 2024 and 2025, while the US' consumption level is forecast to be at about 20.5 mb/d both this year and next.
Meanwhile, world liquid fuels production is forecast to reach 102.3 mb/d this year, and 104.1 mb/d in 2025.
