ID :
200592
Thu, 08/11/2011 - 09:33
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https://oananews.org//node/200592
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EIA: World oil demand to increase
2011.08.11 10:45
Azerbaijan, Baku, Aug .10 / Trend A. Badalova /
According to the EIA, global oil demand will increase by 1.6 million barrels per day up to 89.83 million barrel per day in 2012.
The EIA monthly report said that despite ongoing concerns about the pace of the global economic recovery, the EIA expects growth in the world oil demand in 2011 and 2012.
It will exceed the average growth rate of 1.3 million barrels per day in 1998-2007.
According to the EIA, world oil demand as of 2011 will increase by 1.4 million bpd to 88.19 million barrels compared to a record of 86.8 million barrels per day in 2010
Oil produced by non-OPEC members
The EIA predicts an increased oil supply by non-OPEC members by 50,000 million bpd to 52.28 million barrels per day in 2011 and by 80,000 barrels to 53.08 million barrels per day in 2012.
The growth in oil production will be concentrated in several countries, especially China and Brazil, where the EIA expects production growth to hit 170,000 barrels per day in each country this year.
According to the EIA, a significant increase in oil supplies among non-OPEC countries will be observed in Brazil, Canada, China, Colombia, Kazakhstan and the U.S in 2011 and 2012. The annual growth will hit 100,000 barrels per day in each of these countries.
The EIA expects the decrease in oil production in the North Sea by 140,000 barrels per day, particularly in Great Britain and Yemen.
OPEC production
The EIA forecasted a decline in oil production by non-OPEC countries to the amount of 260,000 barrels per day to 29.51 million barrels per day in 2011.
Production will drop because Libyan oil supplies have stopped.
The EIA expects that about a half of Libya's production will be resumed by late 2012.
According to the EIA, global oil production will increase by 770,000 bpd to 87.7 million bpd in 2011 and by 1.71 million barrels to 89.41 million barrels a day in 2012.
Oil prices
According to the EIA, given tensions on the world market, the demand for liquid hydrocarbon will exceed supply. This will put pressure on oil prices.
The EIA predicts an average price on U.S. WTI oil in 2011 at $96 per barrel and $101 per barrel in 2012.
Following the auctions on Aug. 9, September futures prices on WTI on the New York Mercantile Exchange fell by $5.3 to $75.7 per barrel.
The EIA is a statistical agency of the U.S. Department of Energy established by Congress in 1977.
© Trend News Agency
Azerbaijan, Baku, Aug .10 / Trend A. Badalova /
According to the EIA, global oil demand will increase by 1.6 million barrels per day up to 89.83 million barrel per day in 2012.
The EIA monthly report said that despite ongoing concerns about the pace of the global economic recovery, the EIA expects growth in the world oil demand in 2011 and 2012.
It will exceed the average growth rate of 1.3 million barrels per day in 1998-2007.
According to the EIA, world oil demand as of 2011 will increase by 1.4 million bpd to 88.19 million barrels compared to a record of 86.8 million barrels per day in 2010
Oil produced by non-OPEC members
The EIA predicts an increased oil supply by non-OPEC members by 50,000 million bpd to 52.28 million barrels per day in 2011 and by 80,000 barrels to 53.08 million barrels per day in 2012.
The growth in oil production will be concentrated in several countries, especially China and Brazil, where the EIA expects production growth to hit 170,000 barrels per day in each country this year.
According to the EIA, a significant increase in oil supplies among non-OPEC countries will be observed in Brazil, Canada, China, Colombia, Kazakhstan and the U.S in 2011 and 2012. The annual growth will hit 100,000 barrels per day in each of these countries.
The EIA expects the decrease in oil production in the North Sea by 140,000 barrels per day, particularly in Great Britain and Yemen.
OPEC production
The EIA forecasted a decline in oil production by non-OPEC countries to the amount of 260,000 barrels per day to 29.51 million barrels per day in 2011.
Production will drop because Libyan oil supplies have stopped.
The EIA expects that about a half of Libya's production will be resumed by late 2012.
According to the EIA, global oil production will increase by 770,000 bpd to 87.7 million bpd in 2011 and by 1.71 million barrels to 89.41 million barrels a day in 2012.
Oil prices
According to the EIA, given tensions on the world market, the demand for liquid hydrocarbon will exceed supply. This will put pressure on oil prices.
The EIA predicts an average price on U.S. WTI oil in 2011 at $96 per barrel and $101 per barrel in 2012.
Following the auctions on Aug. 9, September futures prices on WTI on the New York Mercantile Exchange fell by $5.3 to $75.7 per barrel.
The EIA is a statistical agency of the U.S. Department of Energy established by Congress in 1977.
© Trend News Agency
