U.S expects continuing growth of world oil demand in 2010-2011

Azerbaijan, Baku, Jan. 13 / Trend A. Badalova /

The U.S. Energy Information Administration (EIA) expects that the world oil demand will continue to increase in 2010 and 2011. It started in the fourth quarter of 2009 amid restoration of the world economy.

According to EIA forecasts, the world oil demand will increase by 1.1 million barrel per day up to 85.18 million barrels per day in 2010 and by 1.5 million barrels per day up to 86.65 million barrels per day in 2011.

The January report of the EIA says that, the growth in world oil demand in 2010 will fall on non-OECD countries (Organization for Economic Cooperation and Development), despite oil demand in the United States will slightly increase to 0.2 million barrels per day.

According to EIA forecasts, oil demand in the OECD countries in 2010 will increase to 45.45 million barrels per day and 45.83 million barrels per day in 2011.

According to EIA forecasts, oil demand in non-OECD countries in 2010 will hit 39.73 million barrels per day and 40.82 million barrels per day in 2011.

EIA forecasts reduction of oil demand in 2010 by 0.03 million up to 4.19 million barrels per day for the countries of former Soviet Union. Oil demand in these countries remains at the same level in 2011.

According to EIA forecasts, the volume of world oil supplies in 2010-2011 will increase up to 85.62 and 86.69 million barrels per day accordingly.

About 65 million barrels of total volume of world oil supplies will fall on non-OECD countries per day in 2010 and 66.56 million barrels per day in 2011.

According to EIA, oil supplies by OECD countries will reduce up to 20.62 million barrels per day in 2010 compared to 20.95 million barrel in 2009 and up to 20.13 million barrels per day in 2011.

The State Energy Information Administration is statistical agency of U.S Department of Energy established by the Congress in 1977.