Anyone know the global daily consumption in barrels over present production?
it truly depends who you ask, however.....
EIA made significant changes to its forecast global oil balance for this month's STEO. EIA expects that global oil markets will be looser than projected in last month's STEO, as global oil supply outpaces consumption by a larger amount, resulting in a global stock build of 0.4 million bbl/d in the fourth quarter of 2014 and a build of 0.4 million bbl/d in 2015. EIA's global supply forecast was revised upward by 0.2 million bbl/d to average 92.9 million bbl/d in 2015, mostly reflecting a smaller decline in Saudi Arabia's production compared with last month's forecast. The global demand forecast was revised downward by 0.2 million bbl/d to average 92.5 million bbl/d in 2015, based on weaker global economic growth prospects for next year.
Saudi Arabia's role in the oil market going forward is highly uncertain. Saudi Arabia has stated that it would rather maintain its export market share than cut production to keep prices higher. In the past, Saudi Arabia often played the role of the swing producer, cutting its production to accommodate supply growth elsewhere or increasing its output level to make up for a supply shortfall. EIA assumes that Saudi Arabia will continue to play some role as a swing producer, but perhaps to a lesser extent, as the country is sensitive to significant losses in market share. Saudi Arabia's production is still projected to decline in 2015 compared with this year, but by a smaller amount than previously expected. EIA projects that Saudi Arabia will cut production below its current level of 9.5 million bbl/d to avoid further downward pressure on oil prices amid high non-OPEC supply growth, but will maintain output above 9.0 million bbl/d through 2015.
EIA's projected global oil balance may be looser or tighter than expected depending on changes to Saudi Arabia's production level, Libya's supply outages, and global demand. Libya's crude oil production reached 1.0 million bbl/d in October 2014, its highest production level since early July 2013. However, Libya's production has since fallen because of new production outages. Intermittent supply outages in Libya will most likely persist as the country faces political instability and a deteriorated security environment in parts of the country.
http://www.eia.gov/forecasts/steo/report/global_oil.cfm
