Growing world Oil Demand

Annual world oil demand is projected to continue growing by an average of about 2.2 percent in 2004 and 2005 after posting a 2.0 percent gain in 2003. Assuming these growth rates, oil demand in 2005 would be about 3.5 million barrels per day above the 2003 level. U.S. petroleum demand in 2003 grew an estimated 1.6 percent to just over 20 million barrels per day. In 2004, total demand is expected to climb to 20.3 million barrels per day, up 1.4 percent, as increases in transportation- and industrial-related use offset some reductions in heavy fuel oil demand. An additional 2.5-percent growth in domestic demand is anticipated for 2005, bringing the annual average consumption rate to 20.9 million barrels per day.