World Oil Demand Projected to Slow Down
Washington--World oil demand is down slightly from last year according to the Energy Information Administration projections. The report states that while world oil demand will continue to grow through 2030, it's less than earlier forecasts, because of a combination of renewable fuels and higher oil prices in the equation.
The Energy Information's just released forecast shows global oil demand will average 103.9 million barrels per day in 2030, down 3 million barrels per day from last year's forecast of 106.9 barrels per day.
The EIA's Richard Newell says that renewable fuels are the fastest-growing energy supply, but stressed that "fossil fuels are still set to meet more than three-fourths of total energy needs in 2035."