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Established in 2006 as a Community of Reality

Welcome to the Neno's Place!

Neno's Place Established in 2006 as a Community of Reality


Neno

I can be reached by phone or text 8am-7pm cst 972-768-9772 or, once joining the board I can be reached by a (PM) Private Message.

Established in 2006 as a Community of Reality

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    Facts about the consumption of black gold in the world

    Rocky
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    • Post n°1

    Facts about the consumption of black gold in the world Empty Facts about the consumption of black gold in the world

    Post by Rocky Sun Aug 25, 2019 9:37 am


    Facts about the consumption of black gold in the world

    16:25 - 25/08/2019



    Facts about the consumption of black gold in the world %D8%A7%D9%84%D9%86%D9%81%D8%B74-1-696x435
    Information / Follow ..
    According to the US Energy Information Administration, the world consumed 96.92 million barrels of oil per day in 2016, while the top ten countries accounted for 60% of total global consumption.
    With Brent crude averaging $ 60 a barrel today, global oil consumption is around $ 5.8 billion a day.
    In her report, published by the American Oil Price website, the writer Julian Geiger addressed the quantities of crude oil consumed globally.
    Major consumers
    The three largest oil-consuming countries are estimated to be:
    - United States by 20%.
    - China by 13%.
    - India by 5%.
    These three countries dominate more than a third of global consumption.
    In contrast, Saudi Arabia and Russia ranks fifth and sixth respectively in global consumption, although they are among the largest oil producing countries.
    These figures are just daily rates for 2016 based on data provided by the US Energy Information Administration. Today, daily oil consumption is 100 million barrels or more.
    According to the statistical review of the global energy sector, issued by the British BP, the consumption of crude oil has accelerated in decades.
    Evolution of consumption
    World oil consumption was estimated at forty million barrels per day in 1969, to reach 36.4 billion in 2018, equivalent to $ 2.2 trillion of oil consumption in one year.
    Total global oil consumption between 1950 and 2018 is estimated at 1.457 trillion barrels.
    Between 2008 and 2018 alone, the world consumed an additional 371.2 billion barrels.
    Between 1950 and 1969, world oil production was 151.4 billion barrels.
    In 1950, production reached 3.8 billion barrels, equivalent to ten million barrels per day.
    To compare this figure with current production rates, the United States, Saudi Arabia and Russia produce much more.
    By 2040, the world consumes about 42 billion barrels per year (Getty Images)
    By 2040, the world consumes about 42 billion barrels per year (Getty Images)
    Before 1950
    Unfortunately, the methods used to keep records were not up-to-date and less effective than those used today.
    In the past, not all oil-producing countries kept records indicating how much oil they were pumping, as did those that did not keep records of the amount of oil consumed, which made estimates of global consumption before 1950 vary widely.
    Global demand
    Oil demand growth is set to slow in the coming years, but that does not mean there is no increase in global demand.
    With the world consuming 100 million barrels per day now, according to the US Energy Information Administration, oil consumption is expected to grow by 1.1 million in 2019, and growth next year is expected to reach 1.4 million.
    However, forecasts for demand growth are often adjusted, with analysts predicting a decline in oil demand from the US-China trade war.
    Consumption in 2040
    The Organization of Petroleum Exporting Countries (OPEC) estimated demand growth of 7.3 million barrels per day between 2019-2023, and in 2019-2040 demand will reach 14.5 million. This means that by 2040, the world will consume about 42 billion barrels per year.
    Compared to the remaining volumes of oil reserves starting in 2018, the world may still have 1.497 trillion barrels, with OPEC member states holding about 79.4% of oil reserves, including 64.5% in the Middle East.
    Venezuela and Iran, which suffer from economic sanctions, have 30% of OPEC reserves, while Nigeria and Libya, which suffer from security risks, which hampered production operations 5% of this reserve, which means not to exploit 35% of crude oil.
    While OPEC holds the lion's share of world oil over the next decade, most of the new oil supplies will inevitably come from the United States. Finished 25 h


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