Oil Demand to Increase by Almost by One Fourth: International Energy Agency
Azerbaijan, Baku, November 13 / Trend , corr A. Badalova/ The initial oil demand all over the world will go up from 85mln barrels a day in 2007 to 106mln barrels a day in 2030 with a rise 1% each year, according to World Energy Outlook-2008 by the International Energy Agency (IEA).
This figure is much lower than the one forecast by IEA in previous outlook which is attributable to the impact of high prices and slow growth in world GDP.
The growth in oil demand during the indicated period will be due to the non-OECD (Organization for Economic Cooperation and Development) countries, the report said. The growth in demand will total to 3.9% a year in India and 3.5% in China.
The oil demand of OECD countries will drop from 57% in 2007 to 43% in 2030.
According to IEA forecast, the world oil output will increase from 82mln barrels a day in 2007 to 104mln barrels a day in 2030.
The greater part of a growth in oil output will account for OPEC countries whose share will increase from 44% in 2007 to 51% in 2030. Saudi Arabia will remain largest oil producing country whose output will increase from 10.2mln barrels a day in 2007 to 15.6mln barrels a day in 2030.
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