The U.S. oil demand rose for the first time since 2005, The Financial Times says citing the International Energy Agency (IEA). The demand climbed by 390,000 barrels per day that put the United States on top of the world in terms of oil consumption.
For comparison, the oil demand of China, which is the world’s second biggest consumer, the indicator inched up by 295,000 barrels a day. The People’s Republic of China had been outpacing the U.S. since 1999.
Such growth in the demand was triggered by the consumption increase among the petrochemical enterprises in the country. The indicator, which is improved for the first time in 9 years, demonstrates the economic recovery of the United States.
In 2013, the oil demand in Europe also moved up for the first time in several years. The total oil inventories in OECD countries slid sharply pushing stocks down to the level below a five-year average.
According to the IEA estimates, the world’s oil demand is going to grow further. The prices are expected to post about $107 per barrel.
The U.S. crude oil production of different types advanced by almost 1 million barrels per day. That is the world’s biggest gain in 20 years. The upturn was mostly sparked by the shale oil output.
