EIA Raises Forecast For 2024 World Oil Demand Growth By 80,000 BPD, Cuts Forecast For 2023 World Oil Demand Growth By 300,000 BPD
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The Energy Information Administration (EIA) has increased its forecast for world oil demand growth in 2024 by 80,000 barrels per day (BPD), while reducing its forecast for 2023 by 300,000 BPD.
November 07, 2023 | 5:46 pm
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NEUTRAL IMPACT
The United States Oil Fund (USO) could be impacted by the EIA's revised forecasts for world oil demand growth.
The EIA's revised forecasts for world oil demand growth could impact the United States Oil Fund (USO), which tracks the price of oil. The increase in forecast for 2024 could potentially boost the fund's value in the long term, while the decrease for 2023 could have a negative short-term impact. However, the overall impact is uncertain due to other factors influencing oil prices.
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