The EIA said in a statement that it expects oil production growth to be led by countries outside of OPEC+. Production in South America has been the leading source of growth as new offshore vessels have started up ahead of schedule in Brazil and Guyana this year, the outlook said.

The global oil demand growth forecast for 2025 is revised down slightly to 1.3 mb/d, y-o-y. This minor adjustment is mainly due to received data for 1Q25 and the expected impact on oil demand given recently announced US tariffs.

The global oil demand growth forecast for 2024 is revised down slightly by 107 tb/d from the previous month’s assessment to 1.8 mb/d, y-o-y.

The global oil demand growth forecast for 2024 remains broadly unchanged from last month’s assessment at 2.2 mb/d.

The global oil demand growth forecast for 2024 remains unchanged from last month’s assessment at 2.2 mb/d.

The world oil demand growth forecast for 2023 is revised up marginally from the previous month’s assessment to 2.5 mb/d.

Global oil demand is now projected to rise by 2.4 million b/d in 2023 to 102 million b/d, but growth will decelerate to 930,000 b/d in 2024,

For 2023, the world oil demand growth forecast remains unchanged at 2.3 mb/d, with the OECD Americas and OECD Europe revised slightly lower, while China is revised higher, with jet/kerosene and gasoline leading demand growth.

For 2023, the world oil demand growth forecast remains unchanged at 2.3 mb/d, with the OECD Americas and OECD Europe revised slightly lower, while China is revised higher, with jet/kerosene and gasoline leading demand growth.

That would take consumption to an all-time high of about 16 million barrels a day, the survey showed.