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EIA Trims Oil Demand Outlook, Reduces Forecast For OPEC Production

Published on Sunday, 15 May 22:15 pm

The Energy Information Administration (EIA) of the US Department of Energy has reduced its forecast for 2011 global oil demand but raised its expectations for 2012. In the monthly Short-Term Energy Outlook, published on 10 May, EIA predicts: “Total world oil consumption will grow by 1.4mn b/d in 2011, which is about 100,00 b/d lower than last month’s Outlook, and 1.6mn b/d in 2012, slightly higher than forecast last month (MEES, 18 April). However, the agency has reduced its projected OPEC crude and liquids supply because of expected increased output from non-OPEC producers and rising inventories.
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