EIA's assessment of global economic growth, global oil demand, and world oil prices are all slightly higher than in last month's Outlook. Expectation of a somewhat more robust global economic recovery supports the updated price forecast, particularly if the Organization of the Petroleum Exporting Countries (OPEC) continues to remain satisfied with its supply targets as global oil consumption continues to grow. The most important downside risk to this forecast is lower-than-expected economic growth.
Global Crude Oil and Liquid Fuels Consumption.
EIA projects that world oil consumption will grow by 1.6 million barrels per day (bbl/d) in 2010, slightly higher than in last month's Outlook, and also by 1.6 million bbl/d in 2011. This revision for 2010 follows an update of EIA's assumptions for growth in world real oil-consumption-weighted GDP, which is now assumed to rise on average about 3.6 percent per year over the forecast period. The growth in oil consumption is expected to be largely concentrated in the Asia-Pacific and Middle East regions.
Read more...
Source: U.S. Energy Information Administration
EIA projects that world oil consumption will grow by 1.6 million barrels per day (bbl/d) in 2010, slightly higher than in last month's Outlook, and also by 1.6 million bbl/d in 2011. This revision for 2010 follows an update of EIA's assumptions for growth in world real oil-consumption-weighted GDP, which is now assumed to rise on average about 3.6 percent per year over the forecast period. The growth in oil consumption is expected to be largely concentrated in the Asia-Pacific and Middle East regions.
Read more...
Source: U.S. Energy Information Administration