EIA raises forecast for world oil consumption

The U.S. Energy Information Administration (EIA) increased its forecast for global oil consumption by 1.7 million barrels per day (bpd) to 88.43 million bpd in 2011. This is 300,000 bpd higher than an earlier estimate. The higher projections are due in part to forecasts of increased electricity use in Japan, in response to the closing of the Fukushima Daiichi nuclear power plant in March. The oil consumption forecast for Japan was raised by 80,000 bpd. Oil consumption projections were also increased for China by 120,000 bpd and for the Middle East by 110,000 bpd. Chinese oil demand is now expected to increase by 700,000 bpd this year. (June 8,2011)