Main drivers of global petroleum consumption growth in 2018 revealed
Baku, Azerbaijan, Jan.11
By Leman Zeynalova – Trend:
Global consumption of petroleum and other liquid fuels grew by 1.4 million barrels per day (b/d) in 2017, reaching an average of 98.4 million b/d for the year, according to estimates of the US Energy Information Administration (EIA).
Although the rate of consumption growth slowed in 2017 compared with 2016, EIA expects that consumption growth will average 1.7 million b/d in 2018 and almost 1.7 million b/d 2019, driven by the countries outside of the Organization for Economic Cooperation and Development (OECD).
“Non-OECD consumption growth would account for 1.2 million b/d and 1.3 million b/d of the global growth in 2018 and 2019, respectively. The non-OECD petroleum and other liquid fuels consumption growth is driven by a forecast of higher growth in non-OECD oil- weighted Gross Domestic Product (GDP). Growth in non-OECD oil-weighted GDP is expected to be 4.3 percent in 2018 and 4.4 percent in 2019, up from 3.9 percent in 2017,” EIA said in its January Short-Term Energy Outlook (STEO).
EIA expects India and China to be the largest contributors to growth in non-OECD petroleum and other liquid fuels consumption in 2018 and 2019. China’s consumption is expected to increase by 0.4 million b/d in 2018, followed by a 0.3 million b/d increase in 2019, said the report.
India is expected to experience stronger growth in 2018 and 2019, with consumption forecast to grow by about 0.3 million b/d in each year, according to EIA’s estimates.
In addition to growth in China and India, EIA expects petroleum and other liquid fuels consumption growth in the Middle East to rise in 2018 and 2019, with increases of 0.1 million b/d in 2018 and 0.2 million b/d in 2019.
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