Azerbaijan, Baku, 7 May/corr. Trend A.Badalova / World oil consumption is projected to grow by 1.2 million barrels per day (bbl/d) in 2008, the US Energy Information Agency reports.
Almost all of the growth in 2008 is expected to come from the non-Organization for Economic Cooperation and Development (OECD) countries, led by China, Middle East oil producing countries, and Russia, as well as Brazil and India, a source at EIA told Trend . China's oil consumption is expected to rise by 0.4 million bbl/d in 2008.
After accounting for increased ethanol use, U.S. petroleum consumption is projected to fall by 330,000 bbl/d in 2008.
According to the EIA forecasts, WTI crude oil prices, which averaged $72 per barrel in 2007, are projected to average $110 per barrel in 2008 and $103 per barrel in 2009.
West Texas Intermediate (WTI) crude oil spot prices increased from $101 to $120 per barrel over the first 3 weeks of April as supply disruptions in Nigeria and the North Sea and continuing strong demand growth in the emerging market countries pressured oil markets.
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