Measurement and Testing
Oil in the 2010s: Demand
Dec 28 2019 Read 566 Times
From economic and industrial expansion to transportation trends, population growth and seasonal changes, oil demand is influenced by a myriad of factors. Over the past decade demand for oil has hit some major highs and lows, with some of the biggest milestones outlined below:
2010 - 2013
In 2010 the International Energy Agency reported consumption of 86.4 million barrels per day, a figure that reflected heavy demand from developing countries east of Suez, including China, India and the Middle East. In 2013 global oil demand reached a new high, with consumption soaring to 92.7 million barrels of oil a day.
2014 saw booming economies in China and India keep oil demand at a steady 92 million barrels of oil a day. Despite healthy demand, production capacity of around 95 million barrels a day pushed prices down and saw crude oil benchmarks Brent and West Texas Intermediate (WTI) plummet to $62/bbl and $59/bbl respectively by the end of the year.
According to the EIA, total worldwide consumption of oil was 93 million barrels per day in 2015. China and the United States were two of the biggest consumers, averaging around 13.5 and 20.5 million barrels per day respectively.
While the IEA warned global oil demand could slow in 2016, with some analysts predicting consumption to drop by more than 30%, the final figures released by the IEA suggest the world used 96.92 million barrels per day. Ultimately, this marked an increase on consumption in 2015.
In 2017 total world consumption of oil was estimated at 98.57. Along with long-term growth in China, India and other non-OECD nations, a report from the IEA cited a colder than usual European winter as one of the major drivers of demand.
Global demand for oil, including biofuels, continued to climb in 2018, with the final figure topping 99.3 million barrels per day in 2018. Data released in the 2018 BP Statistical Review of World Energy confirmed the upward trajectory, revealing global oil production enjoyed eight consecutive years of growth.
By the end of 2019 the world is expected to have consumed 100.72 barrels per day of oil. The third quarter was particularly lucrative, with the International Energy Agency reporting global oil demand increased by 1.1 million barrels a day, more than double the growth reported in the previous quarter.
So what's next for oil demand? By 2020, analysts expect global oil demand to increase to 101.6 million barrels per day. This represents a significant increase from the 86.4 million barrels consumed in 2010.
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