Figure 3. World oil demand. US and global oil demand have weakened in response to high oil and gasoline prices and slow economic growth. EIA estimates that US and world oil demand will increase 1.6% and 1.7%, respectively, during 2001, and each will add 0.1% to these rates during 2002. The most recent IEA forecast is more pessimistic. Foreseeing the possibility of slower economic recovery, IEA forecasts only a 0.5% world oil demand growth in 2001 and 1.1% in 2002. These modest increases in demand reduce the likelihood of a near-term supply crunch and price spikes. The EIA’s long-term outlook for 117.4 MMb/d (+55%) global oil demand by 2020, though, presents a challenge.