LONDON: Global oil consumption will reach 100 million barrels per day (bpd) — more than double the level of 50 years ago — in months, according to an industry report by Reuters.
Despite overwhelming evidence of carbon-fueled climate change and billions in subsidies for alternative technologies such as wind and solar power, oil is so entrenched in the modern world that demand is still rising by up to 1.5 percent a year, said the report.
There is no consensus on when world oil demand will peak but much depends on how governments respond to global warming, according the International Energy Agency (IEA), which advises Western economies on energy policy.
OPEC Secretary-General Mohammed Barkindo told a conference in South Africa on Sept. 5 that global consumption would hit 100 million bpd this year, sooner than anyone had expected.
With a sophisticated global infrastructure for extraction, refining and distribution, oil produces such a powerful burst of energy that it is invaluable for some forms of transport such as aircraft.
Of the almost 100 million barrels of oil consumed daily, more than 60 million bpd is used for transport. Alternative fuel systems such as battery-powered electric cars still have little market share.
Much of the remaining oil is used to make plastics by a petrochemicals industry that has few alternative feedstocks.
Although government pressure to limit the use of hydrocarbons such as oil, gas and coal is increasing, few analysts believe oil demand will decrease in the next decade.
If the current mix of policies continues, the IEA expects world oil demand to rise for at least the next 20 years, heading for 125 million bpd around the middle of the century.
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Page added on September 21, 2018
No sign of waning appetite for oil
- Oil is so entrenched in the modern world that demand is still rising by up to 1.5 percent a year
- Of the almost 100 million barrels of oil consumed daily, more than 60 million bpd is used for transport
5 Comments on "No sign of waning appetite for oil"
Cloggie on Sat, 22nd Sep 2018 7:20 am
“Of the almost 100 million barrels of oil consumed daily, more than 60 million bpd is used for transport”
Imagine the impact of shared, autonomous driving. Reductions from 60 to say 15 bpd.
And then there is the potential impact of renewable energy.
twocats on Sat, 22nd Sep 2018 8:11 am
“Despite overwhelming evidence of carbon-fueled climate change and billions in subsidies for alternative technologies such as wind and solar power,”
1st half of that statement – dead-right. 2nd half – bullshit if you compare subsidies of renewable to O&G. take away military. take away un-payable loans. take away cheap land giveaways. oil and gas is the mother of all welfare queens because we literally can’t live without that big momma breast milk.
Davy on Sat, 22nd Sep 2018 8:28 am
“1st half of that statement – dead-right. 2nd half – bullshit if you compare subsidies of renewable to O&G. take away military. take away un-payable loans. take away cheap land giveaways. oil and gas is the mother of all welfare queens because we literally can’t live without that big momma breast milk.”
Two cats oil and gas are a dense energy sources that renewables can never touch. If there are subsidies to oil and gas it is for human reasons. The military has little to do with it because that is about human will to power. Where fossil fuels are very costly is the environmental sphere with renewables not too far behind because they are fake green.
Nostradamus on Sat, 22nd Sep 2018 5:26 pm
Oil demand will never peak. But oil supply will.
Free Speech Message Board on Sun, 23rd Sep 2018 4:53 am
Jesus Christ.
Americans bitch and complain that free trade, illegal immigrants, and refugees have ruined the USA, but Americans don’t do anything other than blame the Jews and scream for more government decrees.
If you hate free trade, why not boycott foreign products instead of begging for tariffs that fund US wars, tyranny, and debt while killing exports, jobs, and driving up prices?
If Americans hate illegal immigrants, why don’t they move away from them, call the police on them, learn to enjoy lower prices, protest, or stop hiring them?
If Americans hate refugees then why don’t they start protesting the wars that lead refugees to come here?
The USA is a bankrupt warmongering police state now, but nothing will change because Americans no longer have personal responsibility and think nothing is ever their fault. Americans would rather play the victim and blame everyone else for the collapse of the US except themselves.
How can Americans sleep at night or look in a mirror today without feeling utter disgust and shame?
Think.