EIA Raises Global Oil Demand ForecastGlobal consumption of petroleum and other liquid fuels is expected to grow at a faster rate in 2018 than previously expected, according to the U.S. Energy Information Administration (EIA).According to EIA's mid-January forecast revision, petroleum and other liquid fuels consumption growth will average 1.7 MMb/d in 2018 and almost 1.7 MMbpd in 2019 - approximately 100,000 bpd higher than predicted in EIA's prior forecast. Non-OECD countries, led by India and China, will account for 1.2 MMbpd and 1.3 MMbpd of the global growth in 2018 and 2019, respectively, EIA predicted.Global consumption of petroleum and other liquid fuels averaged 98.4 MMb/d in 2017, a 1.4 MMbpd increase over the 2016 average. Inventory draws averaged 400,000 bpd in 2017, marking the first year of global inventory draws since 2013. Global inventories are expected to grow by about 200,000 bpd in 2018 and by about 300,000 bpd in 2019.
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