EIA: 4Q US Oil Use Seen At 21.03 Million B/D, +1.2% On Year
EIA: 4Q US Oil Use Seen At 21.03 Million B/D, +1.2% On Year
12:56 EST Tuesday, Nov 07, 2006
NEW YORK -(Dow Jones)- U.S. oil demand in the current quarter will average 21.03 million barrels a day, up 1.2% from a year ago, the U.S. Energy Information Administration predicted Tuesday.
In its monthly Short-Term Energy Outlook, EIA revised up the fourth-quarter projection by 0.8% from a month earlier.
In the first-quarter 2007, EIA revised its demand projection up by 0.6%, to 20.91 million barrels a day, a gain of 2.6% from a year ago.
For the full year 2006, EIA projects demand will be 20.68 million barrels a day, a drop of 0.6% from 2005. But demand will rebound in 2007 to 20.99 million barrels a day, a rise of 1.5%. The sharp change in current year demand is caused by a big revision in the 2005 demand level from an estimated 20.66 million barrels a day a month ago, to 20.80 million barrels a day now. The full-year estimate for 2006 demand is 80,000 barrels a day higher than the month-earlier estimate, while the 2007 estimate is up 30,000 barrels a day from a month ago.
EIA revised its projections for global oil demand up by 100,000 barrels a day for both the current quarter and the first quarter 2007, compared with a month ago.
Global fourth-quarter demand is now expected at 87.1 million barrels a day, a rise of 1.9% from a year ago. First-quarter demand is projected at 86.5 million barrels a day, a 1.6% rise from a year ago.
For the full year 2006, global demand is estimated at 85 million barrels a day, unchanged from last month's estimate, and up 1 million barrels a day from a year ago. Global 2007 oil demand is seen rising by 1.5 million barrels a day, to 86.5 million barrels a day.
Oil demand in China, the second-largest oil consumer behind the U.S., is projected at 7.6 million barrels a day in the current quarter and the first quarter 2007. That represents a gain of 7% from a year ago in the current quarter and an annual rise of 5.5% in the first quarter.
For the full year 2006, China oil demand is expected to average 7.4 million barrels a day, up 7.2% from a year ago. In 2007, China demand is expected to rise to 7.9 million barrels a day, a 6.8% gain.
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11-07-06 1255ET
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