0 mil­lion bpd, de­mand peak?

Stabroek News Sunday - - CLASSIFIEDS -

ally thought that the world is on the brink of an­other en­ergy tran­si­tion, in which con­ven­tional sources such as oil will even­tu­ally be sub­sti­tuted away in fa­vor of low-car­bon sources.”

OPEC Sec­re­tary-Gen­eral Mo­ham­mad Barkindo told a con­fer­ence in South Africa on Sept. 5 that global con­sump­tion would hit 100 mil­lion bpd this year, sooner than any­one had pro­jected.

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 goes for trans­port, and 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 hy­dro-

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