# US EIA lifts oil demand forecast, says prices will recover to above $80/bbl | Reuters

> The US EIA raised its global oil demand forecast to about 103.1 million bpd for 2024, 200,000 bpd above its prior estimate, and cut its output growth outlook. It expects Brent in the physical spot market to return above $80 a barrel, with stock withdrawals widening the supply deficit.

- Date: 2024-09-10 · published 2024-09-10T12:00:00.000Z
- Category: report · region US · magnitude medium
- Page: https://feedsoft.ai/events/10170-us-eia-lifts-oil-demand-forecast-says-prices-will-recover-to-above-80-bbl
- Commodities: [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md), [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md)

## Why it matters

A higher demand forecast and a smaller supply outlook point to tighter crude balances and higher prices, raising energy and transport costs for feed buyers.

## Read by commodity

- WTI: bullish ▲
- BRENT: bullish ▲

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| BRENT | 2023-08-01 | [EIA forecasts crude oil prices will increase through 2024 as demand rises above supply](https://feedsoft.ai/events/35198-eia-forecasts-crude-oil-prices-will-increase-through-2024-as-demand-rises-above.md) | +0.6% | -0.6% |
| BRENT | 2026-09-09 | [US EIA hikes oil price forecasts as Iran war drains global stockpile By Reuters](https://feedsoft.ai/events/17665-us-eia-hikes-oil-price-forecasts-as-iran-war-drains-global-stockpile-by-reuters.md) | +17.0% | +10.2% |
| BRENT | 2026-03-10 | [Brent to trade above $95 for next two months on Iran war, EIA says  \| Reuters](https://feedsoft.ai/events/8159-brent-to-trade-above-95-for-next-two-months-on-iran-war-eia-says-reuters.md) | +4.1% | +27.2% |
| BRENT | 2020-12-10 | [US Energy Agency Revises up Oil Price Forecast - World-Energy](https://feedsoft.ai/events/49832-us-energy-agency-revises-up-oil-price-forecast-world-energy.md) | +4.3% | +14.2% |
| BRENT | 2020-08-11 | [EIA revises up 2020 oil price forecasts on larger forecast stock draws \| Oil & Gas Journal](https://feedsoft.ai/events/51809-eia-revises-up-2020-oil-price-forecasts-on-larger-forecast-stock-draws-oil-and.md) | +1.2% | -6.6% |
| WTI | 2023-08-01 | [EIA forecasts crude oil prices will increase through 2024 as demand rises above supply](https://feedsoft.ai/events/35198-eia-forecasts-crude-oil-prices-will-increase-through-2024-as-demand-rises-above.md) | +0.2% | -1.6% |
| WTI | 2026-09-09 | [US EIA hikes oil price forecasts as Iran war drains global stockpile By Reuters](https://feedsoft.ai/events/17665-us-eia-hikes-oil-price-forecasts-as-iran-war-drains-global-stockpile-by-reuters.md) | +13.7% | +0.1% |
| WTI | 2026-03-10 | [Brent to trade above $95 for next two months on Iran war, EIA says  \| Reuters](https://feedsoft.ai/events/8159-brent-to-trade-above-95-for-next-two-months-on-iran-war-eia-says-reuters.md) | -1.3% | +20.4% |

## Sources

- reuters.com: https://www.reuters.com/business/energy/us-eia-lifts-oil-demand-forecast-says-prices-will-recover-above-80bbl-2024-09-10/

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Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.