Global oil demand to reach 88.19 million bpd in 2011

The U.S. Energy Information Administration (EIA) predicts that global oil demand will reach 88.19 million barrels a day this year, an increase of 1.6%. Real gross domestic product is projected to grow by 3.4%. China is expected to post a 9.1% demand growth of 1.37 million barrels this year. Oil demand in the United States is expected to drop by 150,000 barrels per day due to lower demand for gasoline. “Despite continued concerns over the pace of global economic recovery, particularly in OECD countries, the administration expects world demand in 2012 will rise 1.9%, or 1.64 million barrels a day, to 89.83 million barrels a day,” the EIA said. (August 10, 2011)