Energy

Research shows world oil demand growth to continue until 2035


HOUSTON, June 26 — Global oil demand will peak in 2035, and China, along with other Asian countries, is leading the demand growth, a U.S. oil industry consultant company said Monday.

According to a research released by Wood Mackenzie, a Houston-based petroleum industry consultancy, China, India, Japan, Singapore and South Korea are the five leading oil importers in Asia. those nations’s total demand for oil increased by 2.5 percent in 2018 to 25.9 million barrels per day, while China and India “accounted for most of the growth.”

The timing of an oil demand peak will impact infrastructure investments, and purchases of ships, oil rigs, and have a considerable general global economic impact too, said the research.

Another report released this week by the investment bank Morgan Stanley, based in New York, also confirms that growth will continue globally for the oil industry. The Wall Street bank indicated that capital expenditures across the globe in the oil industry will continue to expand in the coming years.
“Spending, although still a fraction of pre-2014 levels, should grow by roughly 6 percent CAGR (combined annual growth rate) through 2022,” the investment bank said. – XINHUA