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EIA releases methods for estimating and forecasting global oil consumption (1/22/2021)

As a supplement to its January 2021 Short-Term Energy Outlook (STEO), the U.S. Energy Information Administration (EIA) released an analysis discussing developments in global oil consumption in 2020 and how they affect EIA’s forecasts for 2021 and 2022. Preliminary data and estimates indicate that global consumption of liquid fuels declined by 9.0 million barrels per day (b/d) in 2020, the largest annual decline in EIA data since at least 1980. EIA forecasts that global consumption of liquid fuels will rise by 5.6 million b/d in 2021 and 3.3 million b/d in 2022. The expected rise in liquid fuels consumption results from forecast growth in global gross domestic product (GDP) as well as a movement toward pre-pandemic levels of travel and other petroleum use, particularly in late 2021 and in 2022. ... Via EIA: This Week in Petroleum http://www.eia.gov/oog/info/twip/twip.asp

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