Global economic expansion hinges on oil

It is feared the world will suffer from a case of absence of spare capacity to meet growing demand. Extra capacity is vital to meet mounting demand on the back of an ever growing global economic expansion. For example, China’s gross domestic product (GDP) grew by more than 10 per cent in 2006. China is the second largest consumer of petroleum products after the US.

A publication by Opec puts current global demand at 83 million barrels per day. However, it predicts a jump to 118 million barrels by 2030 on the back of firm global economic expansion notably in major importing countries.

GulfNews