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Short-Term Energy Outlook

Release Date: September 10, 2019  |  Next Release Date: October 8, 2019  |  Full Report    |   Text Only   |   All Tables   |   All Figures

Global liquid fuels

  • EIA forecasts that global liquid fuels consumption will increase by 0.9 million barrels per day (b/d) in 2019, down from year-over-year growth of 1.3 million b/d in 2018. The slowing liquid fuels demand growth reflects EIA’s assumption (based on forecasts from Oxford Economics) of decelerating growth in global oil-weighted gross domestic product (GDP). EIA expects that global liquid fuels demand will increase by 1.4 million b/d in 2020 as a result of an expected increase in global GDP growth.
  • World liquid fuels consumption

    World liquid fuels consumption growth

    World liquid fuels production and annual change

    Estimated unplanned crude oil production among OPEC and non-OPEC producers

    OPEC surplus crude oil production capacity

    OECD commercial stocks of crude oil and other liquids (days of supply)

    World liquid fuels production and consumption balance

    West Texas Intermediate (WTI) crude oil price

    Global Petroleum and Other Liquids
      2017201820192020
    aWeighted by oil consumption.
    bForeign currency per U.S. dollar.
    Supply & Consumption (million barrels per day)
    Non-OPEC Production 60.7563.5065.6867.89
    OPEC Production 37.3737.2935.3834.68
    OPEC Crude Oil Portion 32.0731.9630.0329.60
    Total World Production 98.11100.79101.06102.57
    OECD Commercial Inventory (end-of-year) 2,8442,8612,9112,978
    Total OPEC surplus crude oil production capacity 2.031.492.062.01
    OECD Consumption 47.3547.5247.4747.76
    Non-OECD Consumption 51.2452.4153.3554.45
    Total World Consumption 98.5999.93100.82102.22
    Primary Assumptions (percent change from prior year)
    World Real Gross Domestic Producta 3.23.02.12.6
    Real U.S. Dollar Exchange Rateb -0.80.61.5-1.6

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    Related Figures
    West Texas Intermediate (WTI) crude oil price XLSX PNG
    World liquid fuels production and consumption balance XLSX PNG
    Estimated unplanned crude oil production outages among OPEC and non-OPEC producers XLSX PNG
    World liquid fuels consumption XLSX PNG
    World liquid fuels consumption growth XLSX PNG
    World crude oil and liquid fuels production XLSX PNG
    World liquid fuels production and consumption XLSX PNG
    OPEC surplus crude oil production capacity XLSX PNG
    OECD commercial stocks of crude oil and other liquids (days of supply) XLSX PNG
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