Oil Consumption Hits All-Time High
Economic Recession a Blip on Oil Consumption’s Upward Climb. World Consumed 87.4 Million Barrels Per Day in 2010. Global oil consumption reached an all-time high of 87.4 million barrels per day in 2010, according to a new Vital Signs Online report from the Worldwatch Institute. The 3.1 percent increase more than makes up for the brief decline in consumption caused by the economic crisis. "Between the recession, the BP oil spill, and instability in the Middle East and North Africa, oil markets have been on a roller coaster the last few years," said Worldwatch Sustainable Energy Fellow Saya Kitasei, who co-authored the report along with Worldwatch researcher Natalie Narotzky. "When the dust settles, however, it is clear that the momentum of future market growth has moved to the developing world, where oil consumption did not miss a beat during the recession and shows no sign of slowing."
Key findings from the report, which can be found at vitalsigns.worldwatch.org, include:
After falling 1.5 percent between 2008 and 2009 due to the global financial crisis, global oil consumption recovered by 3.1 percent in 2010 to reach an all-time high of 87.4 million barrels per day.
Oil consumption in countries belonging to the Organisation for Economic Cooperation and Development (OECD) was more than 7 percent lower in 2010 than in 2005, while consumption in non-OECD countries is up 20 percent since then.
In 2010, oil remained the largest source of primary energy use worldwide, but its share of this use fell for the eleventh consecutive year, to 37 percent. Responding to this falling demand, global oil production fell 2.1 percent to 80.3 million barrels per day in 2009.
For further information: http://www.worldwatch.org/oil-consumption-hits-all-time-high?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+worldwatch%2Fall+%28Worldwatch+Institute%29&utm_content=Google+Reader