World oil consumption is greater than any predicted.
IEA Ups World Oil Consumption
The International Energy Agency said global oil demand will average 85.7 million barrels a day, about 450,000 barrels a day higher than its previous forecast due to growth from China and stronger-than-expected usage in the US.
According to Bloomberg, it’s the second consecutive month the agency increased its estimate for world oil consumption. In its statement, the IEA said that along with improved global economic conditions, industrial de-stocking appears to be nearing an end.
(de-stocking is a fancy term meaning that we’ve used up our reserves except for the Strategic Oil Reserve; other countries have no such reserve) http://www.minyanville.com/
There’s one further issue: the IEA is being very conservative in how much we’re going to increase usage – as they have been every time they’ve issued a new forecast.
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