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World Oil Demand Seen up 56 pct by 2020
World demand for petroleum is expected to surge by 56 percent, or 43 million barrels per day (bpd), over the next two decades due mostly to strong demand for transportation fuels, the US Energy Information Administration said on Wednesday.
World supplies should keep pace with demand, the agency said, and it predicted that the average cost of crude oil would actually fall from about $28 a barrel now to about $22 in 2020.
The agency said global oil demand would jump to 119.6 million bpd in 2020 from its current level of about 77 million bpd.
World oil supplies will be able to keep up with demand, with global production seen reaching 119.3 million bpd in 2020, compared with 78 million bpd this year, the agency said. Production capacity is forecast to rise to 122.4 million bpd.
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