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Home Oil is not going to disappear from the world any time soon.

Oil is not going to disappear from the world any time soon.

28 from 2018 to 00 at 26: XNUMX
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Oil is not going to disappear from the world any time soon.

Many question whether there will be enough oil to supply the world or if the well-known black gold is starting to show signs of a decline in production

Oil powers 99% of the world's vehicles, that is, a third of everything that uses electricity. Today humanity uses just under 100 million barrels of oil per day. That's enough to fill the storage tanks of nearly 50 large crude oil transport ships, the world's largest type of cargo vessel three football fields long. At the current crude oil price of $67 a barrel, the world oil market is worth $2,4 trillion a year, 14 times the market for gold, 21 times the market for iron ore. The oil market is nearly four times larger than all other natural resource markets combined.

Asia is driving oil consumption

Despite being commercially exploited for nearly a century, oil consumption, despite all the hybrid cars you see on the highway, is still on the rise. It has grown by 24% over the past 15 years, but that growth is not coming from developed countries. During that period, US oil consumption dropped from 20 million to 19,9 million bpd. In Europe, the increase is 3,4%, to 15 million bpd. In Asia the story is different, China has more than doubled its oil consumption in the last 15 years, from 5,8 million bpd to 12,8 million bpd. India saw its oil consumption soar from just 2,3 million bpd to 4,7 million bpd last year.

Demand now outstrips supply

With the increase in consumption in Asia, world demand for oil increased by 6,9% compared to 2014 and 2017, according to the International Energy Agency (IEA). Supply meanwhile rose 6,7% a year. In the fourth quarter of 2017 there was a daily production shortage of 350 barrels, also according to the IEA. In that same quarter oil prices rose by 16,8%. Going forward, the IEA expects global demand to increase to 104,7 million bpd by 2023 – a 7% increase from current levels. And half of that increase will be driven by China and India, two major economies that consume far more oil than they produce at home, driving their imports to record levels. From just over 8 million bpd last year, China's oil imports are expected to reach 10 million bpd by 2023. China's increase in oil imports alone will account for 30% of the increase in global demand over the next six years. It is expected to overtake the US to become the world's second largest oil importer by 2023 with nearly 5 million bpd.

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