The U.S. Energy Information Administration (EIA) released its most recent Short-Term Energy Outlook today in which it reduced its forecast for both liquid fuel consumption and supply for 2013 and 2014 from its previous Outlook...
"EIA estimates that global liquid fuels consumption outpaced production in the first quarter of 2013, resulting in an average draw in global liquid fuel stocks of 1.3 million barrels per day (bbl/d). Projected world liquid fuels consumption grows by an annual average of 1.0 million bbl/d in 2013 and 1.3 million bbl/d in 2014, lower by 140,000 bbl/d in 2013 and 200,000 bbl/d in 2014 compared with last month's STEO. Countries outside the Organization for Economic Cooperation and Development (OECD) drive expected consumption growth. Projected world supply increases by 0.6 million bbl/d in 2013 and 2.1 million bbl/d in 2014, reflecting a 100,000 bbl/d reduction in 2013 and a 40,000 bbl/d increase in 2014 from last month's STEO. Most of the supply growth comes from North America and other countries that are not members of the Organization of the Petroleum Exporting Countries (OPEC)."
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