Amid a lingering coronavirus pandemic, the EIA further reduces its forecast for global oil and liquid fuels consumption, projecting world demand will be 92.4M barrels a day this year, down from its month-ago projection of 92.9M bpd. But it now sees China consumption rising to 14.3M bpd this year vs a 14.1 projection a month ago, and sees OECD nations consumption at 42.1M vs 42.3M. Next year, says the EIA's monthly Short Term Energy Outlook, global oil consumption could rise to 98.2M bpd as the pandemic effects lessen. World oil consumption hit a record-high 101.2M bpd last year.
