A stronger global economy this year is set to accelerate oil demand growth to 5.5 million barrels per day (bpd), the U.S. Energy Information Administration (EIA) said in its Short-Term Energy Outlook for April this week, raising its demand growth forecast by 200,000 bpd. Global economic growth is now expected at 6.2 percent in 2021, up by 0.4 percentage point from the March STEO, as per estimates from Oxford Economics which the EIA uses for prediction modeling. Next year, global oil demand is set to rise by another 3.7 million bpd over 2021 and exceed the pre-pandemic levels from 2019. World consumption of petroleum is set to average 101.3 million bpd in 2022, EIA’s latest estimates show. The 2021 global oil demand growth was lifted by 200,000 bpd, while the 2022 growth estimate was revised down by 100,000 bpd from the March forecasts , which had pegged demand growth […]