EIA Forecasts 1999/2000, Dec 2, 1999
eia.doe.gov
In a nutshell:
International Oil Markets
World oil prices for the remainder of 1999
and all of 2000 are expected to remain above $20
per barrel.
EIA estimates that world oil demand will grow by about 1.0 million barrels per day in 1999, and by an additional 1.4 million barrels per day (1.8 percent growth) in 2000.
U.S. Petroleum Demand:
Total petroleum demand in 1999 is projected to grow 500,000 barrels per day, or 2.7 percent, from that of the previous year and increase only slightly by 30,000 barrels per day, or 0.2 percent in 2000.
Asian Demand:
After growing by about 900,000 barrels per day each year between 1991 and 1996, oil demand in Asia (Japan, China, and other non-OECD Asia) grew by less than half of that in 1997 and actually declined by over 200,000 barrels per day in 1998. However, in 1999, oil demand in
this region is once again expected to grow (by nearly 400,000 barrels per day). By 2000, Asian oil demand growth is expected to grow by over 600,000 barrels per day, or nearly 70% of the 1991-1996 average annual growth.
U.S. Petroleum Supply:
As a result of the revisions, average total domestic oil production is now expected to exhibit a decline of 298,000 barrels per day (4.76 percent) for all of 1999. |
