Now near 100 when will oil d
LONDON (Reuters) - Sometime in the next few weeks, global oil consumption will reach 100 million barrels per day (bpd) - more than twice what it was 50 years ago - and it shows no immediate sign of falling.
Despite overwhelming evidence of carbon-fuelled 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.
There is no consensus on when world oil demand will peak but it is clear much depends on how governments respond to global warming. That’s the view of the International Energy Agency (IEA), which advises Western economies on energy policy.
As Bassam Fattouh and Anupama Sen of the Oxford Institute for Energy Studies said in a presentation last month, the debate over peak demand “signifies a shift in perception from scarcity to abundance”, which is already changing the behavior of all players in the world oil market, including exporters.
“Taking the ‘peak demand’ argument forward, it is gener-
Excess gas is burnt off at a pipeline at the Zubair oilfi Sudani/File Photo