EIA slashes US, Global oil demand forecasts for 2025

U.S. and global oil demand growth will be smaller next year than prior forecasts, the U.S. Energy Information Administration said in its Short-Term Energy Outlook report.

The agency expects U.S. oil demand to rise to 20.5 million barrels per day (bpd) next year, down from its previous forecast of 20.6 million bpd.

U.S. demand forecast for 2024 was unchanged at 20.3 million bpd, according to the EIA report.