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World Oil Consumption to Grow by 1.5% in 2008: US Forecasts

Oil&Gas Materials 7 May 2008 18:19 (UTC +04:00)

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. 

The correspondent can be contacted at: [email protected]

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