EIA: Global Production, Consumption to Increase Through 2018
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.”