Crude oil and other liquids inventories grew by 2 million barrels per
day in the fourth quarter of 2016, driven by an increase in production
and a significant, but seasonal, drop in consumption, the US Energy
Information Administration (EIA) estimated.
On January 25, the EIA presented its forecast for global oil production and consumption during the next two years.
“Global production and consumption are both projected to increase
through 2018, but consumption is expected to increase at a faster rate
than production,” the EIA said, adding that, as a result, global
balances are expected to tighten.
Global production is expected to have increased by 1.6 million
barrels per day in the fourth quarter of 2016, with the Organization of
Petroleum Exporting Countries (OPEC) accounting for 0.9 million barrels
per day, or 55%, of this increase, the EIA said.
The EIA estimates that total global production averaged 96.4 million
barrels per day in 2016. Global production is expected to increase to
97.5 million barrels per day in 2017 to 98.9 million barrels per day in
2018.”
https://www.neweurope.eu/article/eia-global-production-consumption-increase-2018/