Growth in Oil Demand Pushes China to Be Largest Oil Consumer in 20 Years
The International Energy Agency stated that China will soon overtake the United States as the biggest oil consumer in the world in twenty years. a landmark will be hit by 2030 when China becomes the biggest oil consuming country and will cross paths with the U.S.
Growth in the demand for oil in 2040 will also be driven by India, Southeast Asia, the Sub Saharan Africa and the Middle East. As consumption in developed countries will decrease as its estimated that oil use in the United States will fall to its lowest level. As of Tuesday crude oil fell to its four year low and its trading in a market that show signs that growth in global demand is not keeping pace with the supply.
These prompted Members of the Organization of Petroleum Exporting Countries are resisting the call to cut output. Instead these countries reduced export prices and competing to other with the faster rate of production in 30 years. Furthermore global oil demand will increase by 16 percent or to 104 million barrels a day in 2040 compared this to 90 million barrels last year. Developing nations in Asia will account for 60 percent of the total demand growth while oil usage in develop countries will decline.