EIA’s short-term global oil demand outlook considers the role of economic activity

U.S. Energy Information Administration ------ Oil plays a crucial role in the global economy -- from the production of goods to the transportation of people and freight. For this reason, economic activity and oil consumption tend to move together, particularly in developing economies. This relationship makes gross domestic product (GDP) an important driver of oil consumption. In developing its Short-Term Energy Outlook (STEO), EIA considers measures of economic growth that reflect whether growth is disproportionately occurring in countries that consume a lot of oil (with respect to their total economic output) or in countries that consume relatively little oil. To learn more about EIA's short-term global oil demand outlook considering the role of economic activity click on the picture below to read more from the EIA.