Worldwide liquids fuels consumption will increased by 1.2 million b/d this year and by 1.4 million b/d in 2015, according to the latest outlook from the US Energy Information Administration. In last month’s Short-Term Energy Outlook (STEO), EIA projected that global oil demand would climb by 1.3 million b/d in 2014 and 1.4 million b/d in 2015. The outlook for this year sees countries outside of the Organization for Economic Cooperation and Development (OECD) accounting for all consumption growth in 2014 and nearly all of the growth in 2015. EIA expects lower OECD consumption in 2014, led by projected consumption declines in both Japan and Europe. “China is expected to see the biggest jump in petroleum demand this year, with consumption increasing by 400,000 b/d. Japan and Europe are forecast to lead the decline in oil demand this year among industrialized countries as a group, with consumption falling by […]