NEW YORK (Commodity Online): The US Energy Information Administration (EIA) has stated that global crude oil consumption will increase by 1.3 million barrels per day (mbpd) in 2012 followed by 1.5 mbpd in 2013.
Oil consumption by the United States, the world's largest consumer, is expected to avearge 18.96 mbpd in 2012 and 19.01 mbpd in 2013. These figures are higher than the 2011 consumption of 18.87 mbpd
Most of the demand growth will be driven by non OECD countries, the report noted citing China, Middle east and Brazil as the main growth engines. Non- OECD oil consumption is expected to rise by 1.4 mbpd in 2012 and 1.3 mbpd in 2013. Total 2012 consumption by these countries are estimate d to average 43.82 mbpd.
In the absence of any significant disruption in oil supplies, the EIA believes that the recent tightening in global oil markets ill moderate in 2012 and then resume in 2013
The reports states that the “EIA expects the price of West Texas Intermediate (WTI) crude oil to average about $100 per barrel in 2012, $5 per barrel higher than the average price last year. For 2013, EIA expects WTI prices to continue to rise, reaching $106 per barrel in the fourth quarter of next year”
