Daily Energy Report
US oil demand, Saudi cuts Asia OSP, Kazak output cuts, US SPR refill, Trump delays Canada tariff, LNG markets at work, India LNG to replace diesel, Venezuela debt/oil, US butane exports, and more.
March 07, 2025
Chart of the Day
EOA: In 2024, US Oil Demand Growth Slowed Significantly
Summary
Figure (1) shows trends in US yearly oil demand since 1973. Oil demand is tied to economic growth, so it has declined with every recession.
Oil demand has been growing year-over-year since the 2020 collapse. In 2023, US oil demand grew by 265 kb/d. In 2024, it grew by only 29 kb/d. Why was growth in oil demand weak in 2014? What are the implications? Answers below.