Demand For Crude Oil Has A Significant Impact On The Global Economy
According to IEA or International Energy Agency
, it is forecasted that there will be a rise in the global demand for crude oil as the developing countries have increased the usage of crude oil. The usage of global crude oil is increasing at a slower pace year by year with an upward moving trend. In 2010, the developing countries like China and India are most likely to witness a robust GDP growth in crude oil demand. Year after year, growth in demand for crude oil can be witnessed in the world's largest oil consuming nations such as US, Canada, UK, Germany, France, Italy, Spain, India, China, Japan, Saudi Arabia, Iran, Russia, Brazil, Korea and Mexico and these nations account for about 70% of the global demand which is a sign that the global economy will surely improve.The demand for crude oil in the developing countries has always been met by the world's largest oil producing nations but if the needs of the developing countries increase beyond the predicted numbers, there is a possibility of shortage in crude oil even though peak in production hasn't been reached. It is believed by few scientists that world oil production has already peaked while some still think we are almost close to peak oil. In the year 2002, oil was consumed globally four times as much as it was newly discovered. The world oil usage was estimated at 82.63 million barrels per day during the first quarter of 2005. According to the International Energy Agency (IEA) demand for crude oil was 85 million barrels per day during 2008 and the oil demand forecast for 2010 would account for 86.6 million barrels per day.
New oil projects will be introduced in the coming years to meet the growing demand for crude oil. The world oil demand is expected to increase to 105 million barrels per day during the year 2030. Out of 20 million barrels that are being consumed per day by America, 25 percent is used for burning on the roads. The International Energy Agency predicts that the world will hit peak production between 2013 and 2037 but the U.S Geological Survey, Hubert's old employer has a given an optimistic view that the peak in oil production is 50 years away. The estimates released by the USGS periodically depict the amount of oil that is still available in the world. Saudi Arabia is the one to dominate with the world's largest oil reserves and the second to top the list is Canada, which moved from the 20th position accounting for 180 billion barrels of recoverable oil.
World's largest oil reserves can be found in Countries such as Saudi Arabia, Canada, Iraq, Kuwait, Iran, Russia and Mexico, which help in successfully meeting the demand for crude oil in the global market.
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