In its most recent Short-term Energy Outlook released July 12, the Energy Information Administration forecasts regular grade retail gasoline prices averaging $3.56 gallon this year, 4cts below its prior month estimate but 78cts above the 2010 average of $2.78 gallon as crude oil prices remain strong.

“The regular-grade gasoline monthly average retail price fell from $3.91 per gallon in May to $3.68 per gallon in June, reflecting the decline in crude oil prices from their April peak and a recovery from unexpected refinery outages and Mississippi River flooding,” EIA reported.

The International Energy Agency revised higher by 200,000 bpd its expectations for global oil demand this year, projecting in its Monthly Oil Market report for July released July 13 that the world’s oil consumption rate will be 89.5 million bpd in 2011. If realized, the outlook means year-on-year growth in global oil demand of 1.2 million bpd.

IEA said the adjusted outlook was made because of upward baseline revisions in demand from countries that are not part of the Organization for Economic Cooperation and Development, which triggered a 30,000 bpd upward revision from 2009 to 2012. The increases from developing countries more than offset downward adjustments in demand from countries that make up the OECD due to “persistent high prices and weaker economic activity.”

The Organization of the Petroleum Exporting Countries trimmed its growth outlook for global oil demand this year from month prior, updating its latest forecast in its Monthly Oil Market Report for July released July 12.

OPEC pared its expectations for world oil consumption this year from 1.4 million bpd to 1.36 million bpd, saying that an “unsteady global economy has added risks to the forecast.” For 2012, the oil cartel projects global oil demand growth at 1.32 million bpd.