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Friday, September 21, 2018

WORLD OIL DEMAND IS PROJECTED TO INCREASE BY 1.79 MBD IN 2000

Oil demand in all regions is projected to increase in the year 2000, in Asia by 0.75 mbd, in N America by 0.43 mbd and in Europe by 0.25 mbd.

Looking at specific countries, oil demand in India is projected to increase by 6% or 0.12 mbd, that of Korea to increase by  0.14 mbd or 7% in 2000 and oil demand in the US by 1.8% or 0.43 mbd.  Demand in the largest European countries, France, Germany, Italy and UK dropped by 0.225 mbd or 2.6% in 1999. These countries are striving to reduce oil demand to fulfil obligations under the Kyoto agreement and they use taxes to restrain oil demand growth.