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In 2008-2009 World Oil Consumption to Grow by 1.3mln in 2008-2009: EIA

Oil&Gas Materials 13 March 2008 13:44 (UTC +04:00)

Azerbaijan, Baku, 13 March / corr Trend A.Badalova / World oil consumption is expected to grow by 1.3 million bbl/d in both 2008 and 2009, slightly lower than was projected in last month's report, in response to higher projected oil prices and increased risks of a global economic slowdown. EIA told Trend , non-OECD countries are expected to account for 1.1 million bbl/d of world consumption growth in 2008, with gains concentrated in China, the Middle East oil-producing countries, India and other Asian countries. OECD countries are expected to register a gain of over 0.2 million bbl/d in consumption in 2008, compared with a decline of 0.2 million bbl/d in 2007

About 0.7 million bbl/d of non-OPEC supply growth is projected in 2008, revised by 0.2 million bbl/d from the last Outlook. This change represents a revision to expected project schedules as well as a re-evaluation of the decline rates at existing fields. Brazil is expected to account for about half of the expected gain in non-OPEC supply in 2008. Azerbaijan, Sudan, and Russia are also expected to record net additions to capacity, while the United Kingdom, Mexico, and Norway are amongst countries expected to experience a decline. Based on the country plans, EIA expects OPEC crude production capacity to rise in 2008 by 1.2 million bbl/d and by 0.8 million bbl/d in 2009. OPEC's non-crude liquids production is also expected to increase by about 0.3 million bbl/d in 2008 and by 0.8 million bbl/d in 2009.

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