BAKU, Azerbaijan, June 11. The US Energy Information Administration (EIA) expects US oil products demand to grow below 1 percent, driven by gasoline and jet fuel consumption, Trend reports.
At the same time, this is also lower that a 2-percent year-on-year growth in 2022.
EIA anticipates that the GDP growth in the US will be supported by services and travel, which drive growth in gasoline and jet fuel consumption as well.
“In 2023, we forecast that these two products make up the largest portion of consumption growth, with gasoline consumption growing by 110,000 b/d (1 percent) on an annual average basis and jet fuel consumption also growing by 110,000 b/d (7 percent),” the agency said.
However, the increase in gasoline and jet fuel demand is forecast to be partially offset by decreasing distillate fuel consumption in 2023 and 2024.
“We expect that growth in consumption for gasoline and jet fuel will be more muted in 2024, with gasoline consumption almost unchanged in 2024 and jet fuel consumption growth at 60,000 b/d (4 percent),” EIA added.