Now near 100 when will oil d

Stabroek News Sunday - - CLASSIFIEDS -

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

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