Global Oil Demand to Hit New Record This Year

Global oil demand will hit new record this year: 86.6 million barrels per day.

The analysts said that world oil demand would reach an average of 86.60 million bpd this year, up from 84.93 million in 2009.

In round numbers: 85 million bopd last year; going to 87 million bopd this year -- yeah, that's about 2 million bopd increase.  Even the Bakken can only give us about 300,000 bopd.

The previous record high for world oil demand was 86.5 million bpd in 2007 before the onset of the global financial crisis and economic slowdown.

Despite the current administration doing what it can to kill the domestic oil industry, don't be surprised to hear the media blame speculators when oil reaches $100/barrel or higher later this year. The recent announcement to open some outer continental shelf (OCS) to drilling is much less than meets the eye. The recent announcements by the government to halt planned oil leases on federal land in western states says it all.