Global oil demand is set to grow next year at a lower rate than previously expected, the U.S. Energy Information Administration (EIA) said in its Short-Term Energy Outlook (STEO) for October, as it slashed its Brent oil price forecasts for 2025 due to lower expected demand increase. The EIA now expects global oil demand to grow by 1.3 million barrels per day (bpd) in 2025, due to downgraded forecasts of consumption in developed economies in the OECD. In the September STEO, the EIA had projected global consumption of liquid fuels would increase…
