In its most recent Short-Term Energy Outlook (STEO), the US Energy Information Administration expects global oil consumption to rise by 1.2 million b/d in 2015 and by 1.3 million b/d in 2016, upward from last month’s STEO by an average of 200,000 b/d in both 2015 and 2016, as lower oil prices stimulate demand growth more than previously expected. EIA estimates production outside the Organization of Petroleum Exporting Countries to rise by 800,000 b/d in 2015 and by 400,000 b/d in 2016, reflecting slower production growth in the US and Canada, as well as declining production in Europe and Eurasia. is expected to rise by 400,000 b/d in 2015 and fall by 200,000 b/d in 2016. Forecast OPEC crude oil production was revised upward from last month’s STEO by 300,000 b/d in 2015 and by 200,000 b/d in 2016, with Iraq being the largest contributor to […]