US forecasts growth in global oil consumption

The US Energy Information Agency's (EIA) International Energy Outlook 2016 (IEO2016) Reference case assumes that worldwide consumption of petroleum and other liquid fuels increases from 90 million barrels per day in 2012 to 100 million barrels per day in 2020 and 121 million barrels per day in 2040.

Much of the growth in world liquid fuels consumption is projected for the emerging, non-Organization for Economic Cooperation and Development (non-OECD) economies of Asia, the Middle East, and Africa, where strong economic growth and rising populations increase the demand for those fuels. In contrast, demand for liquid fuels in the US, OECD Europe, and other regions with well-established liquids markets grows slowly or declines from 2012 to 2040.

The IEO2016 assumes that after a long period of sustained high oil prices, conservation and efficiency improvement measures have reduced or slowed the growth of liquid fuels use among OECD consumers and, in the future, will help to temper demand growth in non-OECD countries as well.

Source: Trend

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