U.S. Energy Information Administration logo
‹ Analysis & Projections

Short-Term Energy Outlook

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

Glossary › FAQS ›

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

    Interactive Data Viewers

    Provides custom data views of historical and forecast data

    STEO Data browser ›
    Real Prices Viewer ›

    Related Tables
    Table 2. Energy Prices PDF
    Table 3b. Non-OPEC Petroleum and Other Liquids Supply PDF
    Table 3c. OPEC Crude Oil (excluding condensates) Supply PDF
    Table 3d. World Petroleum and Other Liquids Consumption PDF
    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
    Related Articles    
    Today In Energy Daily
    2019 Summer Fuels Outlook Apr-2019 PDF
    Uncertainties in the Short-Term Global Petroleum and Other Liquids Supply Forecast Feb-2014 PDF
    Key drivers for EIA's short-term U.S. crude oil production outlook Feb-2013 PDF
    Brent Crude Oil Spot Price Forecast Jul-2012 PDF
    Probabilities of Possible Future Prices Apr-2010 PDF
    Energy Price Volatility and Forecast Uncertainty Oct-2009 PDF

    About the Short-Term Energy Outlook

    Previous STEO Forecasts:

    Other EIA Forecasts: