EIA raises 2021 world oil demand to 5.5M. Up 180K

EIA demand and supply forecasts

  • 2021 world oil demand to increase 180K to 5.5M
  • 2022 world oil demand to decrease by 180K to 3.65M BPD
  • Crude oil output in 2021 to fall 270K to 11.04M (vs 160K BPD decline)
  • Crude oil output in 2022 to increase by 820K to 11.86M, unchanged from precious estimate.

The price of crude oil today is up about $1.09 or 1.9% at 59.74.  The high as reached $60.90. The low was at $58.62.

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