Is Oil Demand Increasing?

Actually, oil consumption is on the decline. In 2009, world oil consumption had the biggest drop since 1982 — a drop of 1.2 million barrels per day. The International Energy Agency predicts the decline will continue through 2015, mainly due to a decrease in oil consumption in China.

More Oily Facts:

  • The world's oil reserves increased in 2009 to 1.33 trillion barrels due to increased production in Denmark, Egypt, Saudi Arabia, Brazil and Indonesia.

  • The US is the world's largest consumer of oil, using more than 20 million barrels per day.

  • In 2009, the production of oil grew in the US by 460,000 barrels per day, the largest growth it had seen in 40 years.

More Info: International Energy Agency

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