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World oil consumption to grow by 1.4 barrels per day in 2011: EIA

08-10-2011 09:31 BJT

HOUSTON, Aug. 9 (Xinhua) -- World crude oil and liquid fuels consumption will grow by 1.4 million barrels per day in 2011 and by 1.6 million barrels per day in 2012, outpacing average global demand growth of 1.3 million barrels per day from 1998-2007, the U. S. Energy Information Administration (EIA) said Tuesday.

World crude oil and fuels consumption grew to a record high of 86.8 million barrels per day in 2010, according to the monthly review released Tuesday by EIA.

EIA expected global oil demand to outpace the growth in supplies from outside of the Organization of the Petroleum Exporting Countries (OPEC), leading markets to rely on both a drawdown of inventories and production increases in OPEC countries to close the gap.

However, EIA said, OPEC countries are not expected to markedly increase production over the next few months.

Countries outside the OECD make up almost all of the projected growth in consumption over the next two years, EIA said.

EIA projected that non-OPEC crude oil and liquid fuels production will increase by an average 650,000 barrels per day in 2011 and 2012.

At the same time, EIA expected production declines this year in the North Sea region of 140,000 barrels per day, as well as declines in Yemen of 140,000 barrels per day stemming from ongoing strife.

Editor:Wang Xiaomei |Source: Xinhua

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