US EIA lowers 2021 world oil demand growth forecast by 80,000 bpd

The US Energy Information Administration (EIA) announced on Wednesday that it lowered its forecast for 2021 world oil demand growth by 80,000 barrels per day (bpd) to an annual increase of 5.33 million bpd, as reported by Reuters.

On a positive note, the EIA also noted that it raised the forecast for 2022 world oil demand growth by 80,000 bpd to 3.72 million bpd.

Market reaction

Crude oil prices showed no immediate reaction to this report. As of writing, the barrel of West Texas Intermediate (WTI) was trading at $72,25, losing 2.1% on a daily basis.