China to become world leader in oil consumption: Soon, China can become the world leader in oil consumption instead of the USA. The specialists at the International Energy Agency (IEA) conducted a survey and came to a conclusion that it could happen within two decades. “A landmark is reached in the early 2030s, when China becomes the largest oil consuming country, crossing paths with the United States,” a summary of the World Energy Outlook reads. Taking into consideration the current tendencies, Chinas chances to overtake the USAs leading place in oil consumption are rather high. Oil demand will also be speeding up owing to India, South-East Asia, the Middle East and sub-Saharan Africa. The developed countries, at the same time, will try to cut volumes of oil consumption, and the USA is in the lead in it. The countrys government has already decreased the consumption to a ten-year low. The EIA warns that the current “boom” of shale oil production will weaken and die away within the next decade. Up to 2040 the global oil demand will grow 16% to 104 million barrels a day against 90 million a day in 2013. The pace of demand growth is going to slow down by 1% from 2025 after the annual 2% growth for the last two decades. The developing Asian countries will make up 60% of total demand for this period. At present time, Brent oil price tumbled down to a four-year low. The global demand lags considerably from the supply. Some OPECs member countries have lowered export prices for the USA where the production pace reached a 30-year high.The material has been provided by portal MT5 - mt5
Posted on: Tue, 16 Dec 2014 13:55:40 +0000