America reduced its growth forecast for global oil demand in 2012

10/1/2012 | (Voice of Iraq) - Add comments - WASHINGTON (Reuters) reduced the U.S. government on Tuesday its forecast for global demand growth for oil in 2012 but expected to rebound in consumption next year. It is now expected to increase global oil consumption 1.27 million barrels per day this year, down from 1.39 million in last month's forecast. However, the U.S. Energy Information Administration said it expects to accelerate the growth of demand during the next two years. In the first demand forecast for 2013, the administration said that global consumption will rise 1.47 million bpd to 90.85 million barrels a day. The administration has lowered its forecast for oil production outside OPEC in 2012 to 52.76 million barrels per day, down 560 thousand from its previous estimate. is expected to increase oil production outside OPEC in the following year to 53.52 million barrels per day.

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