Global petroleum liquids production continues to exceed consumption, resulting in inventory builds, the US Energy Information Administration said in its most recent Short-Term Energy Outlook , released this month. However, averaged global oil inventory builds are projected to fall from 2.2 million b/d through this year’s first half to 1.6 million b/d during this year’s second half, reflecting rising demand and slowing production growth outside of the Organization of Petroleum Exporting Countries, particularly in the US. EIA expects global consumption to increase 1.3 million b/d in both 2015 and 2016. Forecasted global consumption growth was revised modestly upward from last month’s STEO, as lower oil prices stimulated global demand growth more than previously expected. Projected real gross domestic product weighted for oil consumption, which increased an estimated 2.8% in 2014, is projected to rise 2.4% in 2015 and 3% in 2016. In this month’s outlook, OPEC crude- oil production […]