EIA: US Oil Demand Looking Rosier

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  • The EIA has revised demand up by 749,000 b/d in its latest end-of-month report.
  • US NGLs, now at a historic high, will see an increase in both production and demand in 2023.
  • Consumption of hydrocarbon liquids in first-half 2022 has approached 2019 levels.

US oil demand is improving and even approaching pre-pandemic levels. In the first six months of 2022, US oil consumption came in at 20.247 million barrels per day, which is 161,000 b/d below the same period in 2019, the latest data from the US Energy Information Administration (EIA) show. Despite higher oil prices, US demand in June rose to 20.772 million b/d, the highest so far thus, according to the EIA’s Petroleum Supply Monthly. The report, issued on Aug. 31, put US demand at a whopping 749,000 b/d higher than the influential weekly data.

Oil Demand, Oil Products, Crude Oil, Oil Prices, Oil Supply, Oil Trade
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