New Forecast: Global Oil Demand To Increase Another 1.5 Million Bbls in 2011

Link here.

-Worldwide oil demand will increase by 1.5 million b/d in 2011 and by 1.6 million b/d in 2012, with continued tightening of global oil markets over the next 2 years, EIA said in its latest Short-Term Energy Outlook (STEO). In its previous STEO, released a month ago, EIA forecast this year’s global oil demand growth at 1.4 million b/d.

From a previous post: The Saudis can push the price of oil up (cut production), but the Saudis cannot push the price of oil down (increase production from current levels).

Others are saying the same thing.