World long-term oil consumption on the rise

Phil Black - PII Editor 12/09/2014

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The U.S. Energy Information Administration’s new “Today in Energy” brief looks at how China, India, and other developing countries in Asia are expected to account for 7 out of the 10 barrels in growth of world liquid fuels consumption to 2040.

“The largest potential for growth in demand for liquid fuels lies in the emerging economies of China, India, and countries in the Middle East, according to EIA”s recently released International Energy Outlook 2014 (IEO2014). In the Reference case projection, world liquid fuels consumption increases 38% from 87 million barrels per day (MMbbl/d) in 2010 to 119 MMbbl/d in 2040. China, India, and other developing countries in Asia account for 72% of the net world increase in liquid fuels consumption, with Middle East consumers accounting for another 13%. Most liquid fuel demand is for industrial uses and transportation.”—EIA’s Today in Energy