The global economy is recovering and production worldwide is gaining momentum, thus triggering world energy demand growth. The Energy Information Administration raised its global demand growth forecast, while lowered its non-OPEC crude oil production outlook. Experts anticipate 1.26 million barrels per day to be consumed this year. That is 50 thousand barrels up than previously estimated. Special attention was paid to the non-OPEC countries and their possible 110 thousand bpd reduction in oil production in 2014 and 90 thousand bpd in 2015. The EIA also cut its U.S. crude oil production forecast to 8.4 million barrels in 2014 and 9.2 million barrels in 2015 or 100 thousand barrels per day totally. An important factor for the EIA decision was recent severe weather in the U.S. "The U.S. crude oil production forecast for both 2014 and 2015 was revised downward ... because of indications that severe weather this winter has caused temporary slowdowns in completing new wells," the EIA said in its report. However, according to experts, new technology contributed to a 300 thousand bpd increase in OPEC crude oil production forecast. It is seen to come in at 35.73 million in 2014 due to new onshore fields, including oil shale deposits.
