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Annual worldwide oil consumption

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Category: Commodity

 

As mentioned, the sorts of crude oil are gentle/ heavy and sweet/ sour. Lighter, sweeter crude is in additional demand globally, however is changing into more and more troublesome to access. This has caused many investors on Wall Avenue to question how a lot oil is definitely being pumped from reserves versus how a lot oil is being used. Emerging economies in each China and India have added to this intense debate.

In 2004, annual worldwide oil consumption was 30 billion barrels. This may not have been controversial, besides that new discoveries during the identical time had fallen to eight billion barrels. By 2005, worldwide demand for oil had reached 31 billion barrels, leaving worldwide emergency stockpiles almost depleted for 37 days. Whereas Saudi Arabia, Russia, and the U.S. are the highest oil producing international locations on this planet, they are having extra problem assembly demands.

Presently, 62% of the world's accessible oil may be discovered in the Middle East, centered round five nations: Saudi Arabia, United Arab Emirates, Qatar, Iraq and Kuwait. The fact that a protracted war on terror in Iraq has halted manufacturing to a fraction of what it was is important to take into consideration. Also perceive that Qatar shares a pure gas subject with Iran, thought of by the U.S. as part of the axis of evil, so two out of the 5 Middle East international locations will not be producing at full capacity.
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