EIA increasingly optimistic about oil demand growth

A stronger global economy this year is set to accelerate oil demand growth to 5.5 million barrels per day (bpd), the U.S. Energy Information Administration (EIA) said in its Short-Term Energy Outlook for April this week, raising its demand growth forecast by 200,000 bpd.  

Global economic growth is now expected at 6.2 percent in 2021, up by 0.4 percentage point from the March STEO, as per estimates from Oxford Economics which the EIA uses for prediction modeling.  

Union Jack Oil plc (LON:UJO) is an onshore oil and gas exploration company with a focus on drilling, development and investment opportunities in the United Kingdom hydrocarbon sector.

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