Azerbaijan, Baku, Dec. 9 / Trend A.Badalova /
The U.S. State Energy Information Administration (EIA) predicts an increase in world oil consumption in 2011 by 1.4 million barrels per day to 87.78 bpd.
Based on the EIA Short-Term Energy Outlook, non-OECD regions, especially China, the Middle East, and Brazil, represent most of the expected growth in world oil consumption next year (World Liquid Fuels Consumption Chart). Oil demand in non-OECD countries is projected at 42.11 million bpd in 2011.
Among the countries of the OECD, only the United States is expected to show any significant growth in term of consumption volume in 2011 at about 0.2 million bbl/d. Demand in OECD countries is projected to decline in 2011 by 0.03 million bpd to 45.67 million bpd.
EIA forecasts the world oil demand at 86.35 million bpd (growth rate of 1.43 million bpd) in late 2010, of which 45.7 million bpd will fall to OECD countries and 40.65 million bpd to non-OECD countries.
World oil supply
OPEC's oil supply will increase by 0.4 million bpd to 29.79 million bpd in 2011. This year, the EIA predicts an increase in OPEC oil production at 0.29 million bpd to 29.39 million bpd.
Crude oil production in countries outside the cartel is projected to increase by 1.06 million bpd to 51.52 million bpd in 2010 and decline by 0.28 million bpd to 51.24 million bpd in 2011.
The volume of world supplies will increase by 2.02 million bpd to 86.35 million bpd in 2010 and 0.8 million bpd to 87.15 million bpd in 2011.
Of the total world oil supply in 2011, 20.68 million bpd will fall to OECD countries and 66.47 million bpd will fall to non-OECD countries.
Oil Prices
The EIA expects the price of West Texas Intermediate (WTI) crude oil to average about $84 per barrel this winter, more than $6 higher than the average price last winter. Projected WTI prices average $79 per barrel in 2010 and $86 per barrel in 2011.
Following the auction on Tuesday, Dec. 7, January futures price for WTI on the New York Mercantile Exchange fell by $0.69 to $88.69 per barrel.
The EIA is a statistical agency of the U.S. Energy Department established by Congress in 1977.