EIA’s Supply/Demand Balance… EIA

From This Week In Petroleum, the EIA highlights demand revisions from its Short Term Energy Outlook:

”EIA revised down global GDP in the October STEO in both 2020 and 2021, based on macroeconomic forecasts by Oxford Economics. The slower demand recovery combined with revised forecasts for global economic growth led EIA to lower the 2021 global oil consumption forecast (Figure 4). In the October STEO, EIA forecasts 2021 global oil consumption will be 99.1 million b/d, down 0.5 million b/d from the September STEO forecast. The slower demand recovery will likely limit draws in global petroleum inventories, which could keep petroleum product stocks in the United States, ARA, and Singapore regions elevated and maintain downward pressure on global crack spreads.”