World oil consumption may rise 2 % in 2005 led by US

Jun 28, 2004 02:00 AM

World oil consumption may rise 2 % next year, led by increased usage of diesel, gasoline and jet fuel in the US, Societe Generale said. Demand may rise 1.6 mm barrels to 82.7 mm bpd, according to France's third-largest bank.
Consumption is estimated to rise 3.3 % to 81.1 mm barrels this year, as economic growth in China boosts demand.

"The US will have a far greater weight in global demand growth in 2005," said the head of commodities research at SG Economic Research in Paris. "Transport fuels, particularly gasoline, diesel and jet kerosene, will continue to lead" the rise in usage.
Crude oil futures in New York are 23 % higher than a year earlier because of rising US demand, refining bottlenecks that limit gasoline supplies and growing concern that terrorist attacks in Middle East will disrupt supplies.

US oil demand may rise 450,000 bpd in 2005 compared with a year earlier, the report said. Societe Generale estimated oil demand in the world's largest consumer to increase 390,000 bpdthis year.
Shortages in US refining capacity and rising demand will keep profit high for refiners in the US and Europe, Societe Generale said.

Source: The Economic Times
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