Global liquid fuels consumption is forecast to increase by 1.2 million b/d in 2014 and by another 1.4 million b/d in 2015, according to the US Energy Information Administration’s Short-Term Energy Outlook (STEO), released this month. Countries outside of the Organization for Economic Cooperation and Development, led by China, account for nearly all consumption growth over the forecast period, EIA said. OECD consumption is expected to decline by 0.1 million b/d in 2014 and remain flat in 2015. EIA forecasts OPEC crude oil production to decline by 0.5 million b/d in 2014, as some OPEC producers cutting back production to accommodate non-OPEC supply growth. In 2015, overall OPEC production is to remain close to its 2014 level while some key member countries continue to reduce their output to accommodate assumed production recovery from Iraq and Angola. In 2014, non-OPEC supply growth is expected to grow by 1.9 million b/d […]