Baku, Azerbaijan, Dec.15
By Leman Zeynalova – Trend:
Total world liquid fuels consumption is expected to stand at 98.34 million barrels per day (mb/d) in 2017 and 99.96 mb/d in 2018, the US Energy Information Administration said in its December Short-Term Energy Outlook (STEO).
The forecasts for global liquid fuels consumption have been revised up from 98.21 mb/d and 99.87 mb/d for 2017 and 2018, respectively forecasted in the November STEO.
The figure stood at 96.95 mb/d in 2016, according to EIA estimates.
According to the quarterly forecasts, world liquid fuels consumption in 2018 will stand at 99.10 mb/d and 99.51 mb/d in Q1 and Q2, respectively, following which it will rise to 100.68 mb/d in Q3 and drop again to 100.54 mb/d in Q4.
As for Q4 of 2017, it is expected to total 98.89 mb/d, said EIA.
EIA forecasts higher output from non-OPEC countries to contribute to growth in total liquid fuels supply in 2018.
Despite higher oil prices, EIA expects global liquid fuels demand to increase by more than 1.6 million b/d in 2018, up from growth of 1.4 million b/d in 2017. Demand growth is not forecast to keep pace with supply growth, however, resulting in global liquids inventories increasing modestly in 2018.
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