Home World News Oil Is Now 100 But There’s No Party

Oil Is Now 100 But There’s No Party

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Usually, achieving 100 is a notable event and worthy of a celebration, especially for those celebrating their 100th birthday.

But not all centenaries are a cause for celebration.

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In 2019, annual average global oil demand will exceed 100 million barrels per day (b/d). This is not a cause for joy, given concerns we are entering a climate emergency. Public perception in the Western world is shifting towards a strong desire to reduce global emissions – and our demand for oil and other fossil fuels – so we can mitigate our impact on the climate.

Oil demand has grown considerably – in 2000, it was only 78 million b/d. Growth has averaged more than 1 million b/d each year. There have been years of strong growth, with only the global financial crisis of 2008/2009 resulting in a decline in overall global oil demand.

Oil demand growth surged in 2010 as many countries deployed economic and fiscal stimuli to avoid the dire consequences of a depression. Since then, oil demand has continued to grow at around 1 million b/d per year.

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SOURCE: Read the Original Article on Forbes

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