U.S. sees weaker 2011 world oil demand growth

The U.S. government slightly raised its forecast for growth in world oil demand this year, but reduced the forecast for next year due to the less rosy outlook for strong global economic expansion. In its latest monthly forecast, the U.S. Energy Information Administration (EIA) raised its estimate of growth in 2010 world oil consumption by 50,000 barrels per day (bpd) to 85.95 million bpd. The rise was due mostly to strong demand from China, the Middle East and Brazil. But a poor outlook for demand in developed countries weighed on the forecast for next year. The EIA cut its 2011 forecast by 100,000 bpd to 87.36 million bpd. (September 9, 2010)