World consumption of liquid hydrocarbons expected to increase

Photo: World consumption of liquid hydrocarbons expected to increase / Oil&Gas

Baku, Azerbaijan, July 10
By Emin Aliyev - Trend:

The revolution in shale oil production and the development of this area led to increase in oil production in the United States more than one million barrels per day, British Petroleum's Chief Economist for Russia and CIS Vladimir Drebentsov said.

He made the remarks during a workshop for journalists in Baku.

In particular, in 2013 the volume of oil production in the U.S. totaled 10 million barrels per day, compared to about 8.9 million barrels per day in 2012.
Oil production in the U.S. continues to grow, according Drebentsov.

"An increase in the production at the level of more than one million barrels per day is observed in the first half of this year," he added.

The growth of proven oil reserves in the world amounted to 27 percent over the last 10 years, and consumption growth - 11 percent, according to the expert.

Significant growth of proved oil reserves mainly associated with shale oil, as well as the development of production from bituminous sand in Canada, he said.

At the same time, a growth expected in the consumption of liquid hydrocarbons in the world, according to forecasts.

World daily consumption of liquid hydrocarbons is forecasted at 109 million barrels, compared to the current 90 million barrels, which is mainly due to the increase in consumption in developing countries.

Edited S.I.

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