BAKU, Azerbaijan, September 11. The US Energy Information Administration (EIA) has updated its outlook, forecasting a rise in global liquid fuels consumption over the next two years, Trend reports.
According to the latest report, global consumption is expected to increase by 0.9 mb/d in 2024, reaching 103 mb/d. For 2025, consumption is projected to rise by 1.5 mb/d to 104.6 mb/d.
This revised forecast reflects a slight decrease from last month’s predictions, with a 0.2 mb/d reduction for 2024 and a 0.1 mb/d cut for 2025. The downward revisions are attributed to reduced demand expectations in China and OECD Europe.
The EIA notes that the majority of the expected growth in liquid fuels demand will come from non-OECD countries, which are anticipated to increase their consumption by 1.0 mb/d in 2024 and 1.3 mb/d in 2025.
Specifically for China, the forecast for petroleum and liquid fuels consumption has been downgraded due to slower economic activity and recent data showing declines in diesel demand, jet fuel consumption, and crude oil refinery operations. The EIA now projects that China’s liquid fuels consumption will grow by about 0.1 mb/d in 2024 and 0.3 mb/d in 2025.