EIA out with energy demand growth forecast
The Energy Information Agency (EIA) is out with oil demand estimates. They now see:
- Cuts 2019 world oil demand by 160K BPD to 1.22M BPD YoY increase
- Cuts 2020 world oil demand by 110K BPD to 1.42M BPD YoY increase
- Sees US crude output rising 1.36M BPD in 2019 to 12.32M BPD (vs 1.49M BPD last month)
- Sees us crude output rising 94K to 13.26M BPD in 2020 (from 93K BPD increase previously).