In this month’s “Short-Term Energy Outlook,” the US Energy Information Administration (EIA) predicted that global liquid fuel and crude oil demand will increase 0.9% in 2012 and 1.0% in 2013 to 89.9 million barrels per day (bpd). The supply of global liquid fuel and crude oil will increase 2.3% in 2012 and 1.1% in 2013 to 90.1 million bpd. Non-Organization for Economic Co-operation and Development countries will comprise 75% of supply and 50% of demand. Demand will grow the fastest in the former Soviet Union, increasing 3.9% in 2012 and 4.6% in 2013 to 5.1 million bpd, although supply will increase just 0.2% in 2012 and remain flat in 2013 at 13.3 million bpd. The biggest rebound in supply will be in Africa, where it will drop 10.3% in 2012 but grow 8.5% in 2013 to reach 2.6 million bpd. Supply will grow the fastest in the US in 2012, where it will increase 7.7%, followed by growth of 4.9% to 11.4 million bpd in 2013.

Source: EIA