World oil consumption to grow in 2012

World oil consumption is expected to grow by an average 1.3 million barrels per day in 2012 and 1.5 million bbl/d in 2013, the U.S. Energy Information Administration (EIA) said Tuesday.

The EIA said in a report that world oil consumption grew by an estimated 1 million bbl/d in 2011 to 88.1 million bbl/d. It expects that this growth will accelerate over the next two years, with consumption reaching 89.4 million bbl/d in 2012 and 90.9 million bbl/d in 2013.

However, the Organization for Economic Cooperation and Development (OECD) consumption fell 420,000 bbl/d in 2011 and is expected to continue declining in 2012, as very modest demand growth in North America will be more than offset by demand decline in Europe, according to the EIA report.

A projected European economic recovery contributes to a small increase in forecast OECD consumption in 2013, whereas non-OECD countries are expected to account for most of the world's growth over the next two years, the EIA said.