Global crude oil demand to increase in 2014
Global demand for liquid fuels is predicted to increase by 1.2 million barrels per day in 2014 and then by a further 1.4 million barrels per day in 2015, according to the latest edition of the Short-Term Energy Outlook by the U.S. Energy Information Administration (EIA).
This rise in consumption is attributed to demand from countries outside of the Organization for Economic Cooperation and Development (OECD), led by China. Within the OECD countries liquid fuels demand is anticipated to drop by 0.1 million barrels per day in 2014 and remain flat in 2015.
In total, the outlook predicts that fuel production from countries that are not members of the Organization of the Petroleum Exporting Countries (OPEC) will reach a record level of 1.9 million barrels per day in 2014, with the United States and Canada accounting for more than two-thirds of the growth in non-OPEC production this year, the EIA said.
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Last year, total crude oil production in the United States came in at 7.5 million barrels per day on average, which was an increase of one million barrels per day on 2012 levels. In 2014 and 2015, the EIA expects that the average output will reach 8.5 million barrels per day and 9.3 million barrels per day, respectively. The latter projection would be the highest annual average output since the early 1970s.
Meanwhile, crude oil production from OPEC countries is projected to slip by about 500,000 barrels per day in 2014, following a decline in production in some OPEC countries. In 2015 OPEC production will remain stable, with total output close to 2014 levels, the EIA's outlook predicted.