US EIA cuts 2022 global oil demand outlook by 240,000 b/d

The US Energy Information Administration Sept. 8 lowered by 240,000 b/d to 101.01 million b/d its global oil demand estimate for 2022.

In its September Short-Term Energy Outlook, EIA also lowered its 2021 estimate for global oil demand by 250,000 b/d to 97.38 million b/d.

The agency trimmed its 2022 outlook for US oil production by 50,000 b/d to 11.72 million b/d from an expected 2021 average of 11.08 million b/d.

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EIA lowered its forecast for 2021 oil prices, while its 2022 price estimates were unchanged. It now sees WTI in 2021 averaging $65.69/b, down 24 cents from last month, and expects Brent in 2021 to average $68.61/b, down 10 cents from the prior month.

EIA sees 2022 oil prices averaging $62.37/b for WTI and $66.04/b for Brent.

OPEC crude production is expected to average 26.94 million b/d in the third quarter of 2021 and 28.34 million b/d in 2022.