Will we see Higher demand on Crude Oil next year? USEIA thinks differently

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Despite continued concerns over the pace of the global economic recovery, particularly in developed countries, the US Energy Information Administration expects worldwide oil consumption to increase this year and next spurred by demand in developing countries. US oil consumption, however, is forecast to contract from a year ago.

Worldwide oil demand, led by China, will increase by 1.4 million b/d in 2011 to average 88.19 million b/d and by 1.6 million b/d in 2012, outpacing average global demand growth of 1.3 million b/d from 1998-2007, before the onset of the global economic downturn, EIA said in its latest Short-Term Energy Outlook.

The forecast assumes global economic growth of 3.4% this year and 4.1% next year, but EIA says that these assumptions do not fully reflect recent economic and financial developments that point towards a weaker economic outlook.

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