Crude Oil and Liquid Fuels Overview.
EIA has lowered its projections for world oil prices slightly for 2010. Uncertainty about economic growth in China and in the Euro zone has continued to weigh on oil markets, and declines in equity markets have led to fears that the economic recovery may not progress as fast as had been hoped. To date, the Organization of the Petroleum Exporting Countries (OPEC) has publicly made no suggestions that it would adjust its supply targets despite some downward adjustments in oil prices.
Global Crude Oil and Liquid Fuels Consumption.
EIA projects that world oil consumption will grow by 1.5 million bbl/d in 2010 and 1.6 million bbl/d in 2011, about the same as in last month's Outlook. The growth in oil consumption is expected to be largely concentrated in the Asia-Pacific and Middle East regions.
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Source: U.S. Energy Information Administration
EIA has lowered its projections for world oil prices slightly for 2010. Uncertainty about economic growth in China and in the Euro zone has continued to weigh on oil markets, and declines in equity markets have led to fears that the economic recovery may not progress as fast as had been hoped. To date, the Organization of the Petroleum Exporting Countries (OPEC) has publicly made no suggestions that it would adjust its supply targets despite some downward adjustments in oil prices.
Global Crude Oil and Liquid Fuels Consumption.
EIA projects that world oil consumption will grow by 1.5 million bbl/d in 2010 and 1.6 million bbl/d in 2011, about the same as in last month's Outlook. 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