The world oil demand is expected to rise by 2.08 million barrels per day (bpd), down from 2.23 million in the previous forecast, to 99.43 million bpd in 2022, the US Energy Information Administration said in its latest monthly report, as reported by Reuters.

Additional takeaways

"World oil demand to rise 2.06 million bpd to 101.49 million bpd in 2023 (vs rise of 2.00 million bpd forecast last month)."

"US crude output to rise 610,000 bpd to 11.86 million bpd in 2022 (vs rise of 720,000 bpd forecast last month)."

"US crude output to rise 840,000 bpd to 12.70 mln bpd in 2023 (vs rise of 860,000 bpd forecast last month)."

"US total petroleum consumption to rise 560,000 bpd to 20.34 million bpd in 2022 (vs rise of 700,000 bpd last month)."

"US petroleum demand to rise 410,000 bpd to 20.75 million bpd in 2023 (vs rise of 320,000 bpd last month)."

Market reaction

Crude oil prices continue to push lower after this report. As of writing, the barrel of West Texas Intermediate was down 0.45% on a daily basis at $90.10.