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EIA forecasts rise in global oil demand

11 May 2016 16:32 (UTC+04:00)
EIA forecasts rise in global oil demand

Global consumption of oil and other liquid hydrocarbons will increase up to 95.24 million barrels per day in 2016 and up to 96.78 million barrels per day in 2017, said the US Energy Information Administration's (EIA) Short-Term Energy Outlook (STEO) for May 2016.

In its April STEO the EIA forecasted global use of oil and other liquid hydrocarbons at the level of 94.86 million barrels and 96.19 million barrels per day respectively in 2016 and 2017.

Global consumption of oil and other liquid hydrocarbons were 93.81 million barrels per day in 2015 and 92.45 million barrels per day - in 2014, according to the EIA.

During the first quarter of 2016, global use of oil and other liquid hydrocarbons were 94.15 million barrels per day, according to the EIA, and it is expected at the level of 94.99 million barrels per day in the second quarter of 2016, 95.97 million barrels per day - in the third quarter, and 95.85 million barrels per day - in the fourth quarter.

Quarterly output of oil and other liquid hydrocarbons are expected at the level of 95.73 million barrels, 96.41 million barrels, 97.55 million barrels and 97.4 million barrels per day respectively in 2017.

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