Oil Agencies Revised Global Oil Demand Outlook

Three major oil agencies have released their latest outlooks on global oil demand. The US official DOE/EIA, based on a +3% global GDP growth assumption in 2011, expected oil demand to increase to 88.23M bpd in 2011, up +1.16M bpd or +1.3% from last year. Again, much of the gain would be driven by Chinese demand. For 2012, oil consumption will rise to 89.62M bpd, up +1.39M bpd or +1.6% from 2010, based on a downwardly revised GDP growth of +3.1%.

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Oil Agencies Revised Global Oil Demand Outlook