Global oil consumption to grow in 2015
Oil consumption is expected to increase in the world in 2015, as consumption of U.S. and non-OECD countries rises, says Energy Information Administration report
ANKARA
Global oil consumption is expected to grow in 2015, said the U.S. Energy Information Administration in a report on Tuesday.
Consumption of global petroleum and other liquids are expected to grow by 0.9 million barrels per day in 2015, said the U.S. agency in its Short-Term Energy Outlook report.
The global benchmark Brent crude oil prices decreased more than 40 percent reaching $66 per barrel mark on Monday from $115 per barrel six months ago.
"Most of the price declines occurred immediately following the conclusion of the meeting of the Organization of the Petroleum Exporting Countries, OPEC, in November and the subsequent announcement to maintain current production levels," said the U.S. agency on its report.
OPEC met on Nov. 27 to devise a strategy against the oil price slump since June, and decided not to cut production to lower oil prices, but instead decided to maintain a production rate of 30 million barrels per day for the first quarter of 2015.
"Oil prices averaged $79 per barrel in November, the lowest monthly average since September 2010, while the November price decline reflects the continued growth in the U.S. tight oil production," said the report.
The administration projects the U.S. crude oil consumption to average 9.3 million barrels per day in 2015.
The U.S. domestic oil production increased from five million barrels per day in 2008 to 7.4 million barrels per day in 2013, according to data on the agency's website.
- Non-OECD oil consumption to raise, OECD to fall
The U.S. agency expects the consumption outside of the Organization for Economic Cooperation and Development, OECD, countries to grow by 0.9 million barrels per day in 2015.
"China is the leading contributor to the projected global consumption growth, with consumption increasing by an annual average of 0.36 million barrels per day in 2015," the report said.
Meanwhile, OECD oil consumption is projected to decline in 2015, and the biggest contributors to this fall are expected to be Japan and Europe.
Oil consumption in Japan is expected to fall by an additional 0.14 million barrels per day in 2015, said the report, adding that the country is expected to use less fuel oil in its electricity generation in 2015 because it will turn some of its nuclear power plants back online next year.
Japan's energy demand for coal and natural gas increased after the Fukushima nuclear disaster in 2011, when an earthquake and tsunami caused a meltdown and radiation leak, which led the country to shut down most of its nuclear plants.
The administration also noted that Europe's oil consumption will decrease by 0.14 million barrels per day in 2015 while its slow growth rate and economic issues are factors for its low demand for oil.
