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Page added on April 10, 2015
Annual oil demand seen growing up to 1 mln bpd
The slide in oil prices is only temporary as global oil demand is expected to grow annually by up to 1 million barrels per day (bpd) while world consumption is likely to increase to 105 million bpd in 2025, an adviser to Saudi Arabia’s oil minister said on Thursday.
“The current decline in oil prices and demand is a temporary, unnatural situation,” said Ibrahim al-Muhanna at an energy conference in Riyadh.
“The expectation is for continued growth in demand for the various types of energy, including oil. At a minimum, oil demand is expected to grow annually by up to 1 million bpd and world consumption is expected to increase to about 105 million bpd in 2025, even when taking into consideration all the energy rationalization policies in countries all over the globe.”
7 Comments on "Annual oil demand seen growing up to 1 mln bpd"
Plantagenet on Fri, 10th Apr 2015 3:09 pm
Considering that Saudi is producing near record amounts of oil, I wonder what “decline …in demand” he is talking about?
MSN Fanboy on Fri, 10th Apr 2015 4:28 pm
Remember peak demand?
LOL – And the sad part is, the very same authors of such articles as peak demand will end up on here within a year.
Lol
James A Hellams on Fri, 10th Apr 2015 5:02 pm
Just a thought, to produce 105 million barrels per day of oil by the year 2025; would require you to find and fully drain the sum of 38.3 BILLION barrels of oil each and every year!
I think, that based on the calculation above; this will be an impossible goal to reach.
Apneaman on Fri, 10th Apr 2015 5:36 pm
Births minus deaths = 225,000 new people everyday.
penury on Fri, 10th Apr 2015 8:39 pm
Reality is that demand will be dropping rapidly as fewer and fewer are able to afford any price. Reality is that fewer humans will be employed and demand will drop.
Perk Earl on Fri, 10th Apr 2015 9:09 pm
How is 350 ppm CO2 suppose to be possible with rising oil consumption?
It’s amazing how every metric is rising. Population, FF usage, debt, CO2, methane, acidification, dead zones, extinctions, electronic gadgets, geopolitical wars, terrorism, world temperature, sea level, poverty, droughts, extreme weather, deforestation, floating plastic, theft from luggage…
About the only thing going down is passbook savings rate.
steve on Fri, 10th Apr 2015 10:15 pm
@Perk ….theft from luggage? Am I reading that right…that is one of the dangers or major problems of the future?!! I guess there are a lot of baby boomers traveling all over the world these days…they can have my dirty underwear if they want it…