The United States Energy Information Administration (EIA) stated in Short-Term Energy Outlook (STEO) published on Tuesday that it expects global oil inventories to fall by 0.2 million barrels per day (bpd) due to Saudi Arabia's decision to extend its voluntary output cuts until the end of the year.
The agency also noted it now expects global oil demand to increase by 1.81 million bpd this year to 100.97 million bpd, as it boosted its global growth forecast by 50,000 bpd from its previous estimate. Meanwhile, global oil demand growth for 2024 was downgraded from 1.61 million bpd to 1.36 million bpd.
Global oil supply is seen reaching 101.18 million bpd this year and 102.88 next year.
