"Global daily oil demand could exceed 102 million barrels in 2024"

The Energy Information Administration, affiliated with the U.S. Department of Energy, predicted that oil demand will increase by 1.72 million barrels per day in 2024 compared to 2023, reaching 102.20 million barrels per day. The Energy Information Administration (EIA), affiliated with the U.S. Department of Energy, predicted that global oil demand will continue to grow. The EIA estimated that consumption, which was 99.43 million barrels per day in 2022, will rise to 100.48 million barrels per day in 2023. It also predicted that oil demand in 2024 will increase by 1.72 million barrels per day compared to 2023, reaching 102.20 million barrels per day. The EIA also predicted that global oil supply will reach 102.83 million barrels per day in 2024, up from 100 million barrels per day in 2022. The global oil production expectation for 2023 was 101.10 million barrels per day. The EIA estimated that the average price of Brent oil would decrease by 18 percent in 2023 compared to 2022, reaching $83.10 per barrel, and stated that they expect the average price to decline to $78 per barrel in 2024. The average price expectation for Brent oil in 2023 was previously announced as $92.36 per barrel. The 2023 average price expectation for US crude oil was lowered from $86.36/barrel to $77.18/barrel, while the average price in 2024 was estimated to be $71.57/barrel. The EIA raised its 2023 estimate for US crude oil production from 12.34 million barrels/day to 12.41 million barrels/day, and predicted that production in 2024 would be 12.81 million barrels/day.