US EIA raises forecast for 2022 world oil demand growth by 200K BPD, now sees 3.55M BPD YoY increase

Joel Frank Independent Analyst

In its monthly Short-Term Energy Outlook (STEO) report, the US Energy Information Administration (EIA) raised its forecast for 2022 world oil demand growth by 200K barrels per day (BPD) on Tuesday, and now demand growing 3.55M BPD YoY next year. The EIA STEO cut its forecast for 2021 world oil demand growth by 10K BPD to a 5.1M BPD YoY increase.

Market Reaction

Crude oil prices have not reacted to the latest EIA STEO, but have been trading on the front foot throughout the day amid the broad risk-on market vibe.

Author

Joel Frank

Independent Analyst

Joel Frank is an economics graduate from the University of Birmingham and has worked as a full-time financial market analyst since 2018, specialising in the coverage of how developments in the global economy impact financial asset

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