2008: World oil consumption expected to reach 87 million barrels per day

According to the Energy Information Administration (EIA), world oil consumption is expected to increase by 1.5 million barrels per day in 2008, leading total consumption to hit around 87 million barrels per day. China, the U.S., Russia and Middle Eastern countries will continue to be the main drivers of this expansion.

There is nonetheless a threat to the growth of oil consumption in the form of higher prices, market turmoil and overall slower economic growth. Because non-OPEC supply will increase less than total oil consumption, OPEC countries will face pressure to fill in the resulting gap in supply. The EIA estimates that OPEC crude production will likely hit 31.7 million barrels per day in 2008. Unfortunately, the oil market will remain vulnerable to supply disruptions.