EIA World Oil Demand Prediction Drops By 70,000 Barrels

World oil demand growth will fall by 70,000 barrels per day to 1.47 million barrels per day this year, according to a new forecast published by the U.S. Energy Information Administration. The agency also cut its projection for 2018 oil demand growth by 10,000 bpd to 1.61 million bpd. The report also noted that oil prices averaged $46 a barrel in June – $4 lower than the month prior, marking it as the lowest average since last November. The EIA expects natural gas’ share of U.S. total utility-scale electricity generation to fall from 34 percent last year, to 31 percent in both 2017 and 2018 due to higher prices that will render the fuel more expensive than coal. Oil prices have entered bearish markets again as new output from Nigeria, Libya and the United States counteracts the impact of the Organization of Petroleum Exporting Countries’ (OPEC) 1.2 million-barrel production […]

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