China Will Become the Largest Oil Consumer

Posted: 11/12/2014 04:11:41   Hits: 826
According to the information of IEA, China will become the largest oil consumer in the next 20 years, instead of the U.S.
 
“In the early of the 2030’s , China will take place of the U.S., becoming the largest oil consumer in the world. And that will be a historic moment.” IEA summarizes in its Outlook for Global Energy. The report forecasts the long-term trend of energy. Complete report will be released on news conference which will be held in London.
 
IEA claims that India, Southeast Asia, Middle East and African region in the southern of Sahara will promote oil demands to grow in 2014 together. Meanwhile, oil consumption in advanced economies will decline. In the future, oil consumption in the U.S. will reduce to the lowest level.
 
On November 11, price of Brent oil reduced to the lowest level. At the same time, oil market had already entered into bear market. The signal showed that global oil demand growth could not correspond to supply.
 
Faced with international requesting to reduce oil production, members of OPEC including Saudi Arabia and Iraq ignore that and refuse the call. In contrast, those members decline price of oil exported to the U.S. In the past 30 years, members of OPEC were always competing with each other and making efforts to increase oil export to the U.S.
 
IEA whose headquarter in Paris claims that global oil demand will increase to 104 million barrels per day in 2040, by 16% while global oil demand was 90 million barrels per day in last year (2014). Since 2025, growth rate of oil demand will reduce to 1% per year.
 
IEA says that during the period, Asian developing countries will result in growth rate of oil demand growing by 60%. Oil consumption in members of OCED will fall, including the U.S., Germany and Japan.  
 
China Will Become the Largest Oil Consumer
NO.2013 Valves catalog download
View and download valve product literature, sales brochures and more.
read more >>
News & Events
2017.08.30
What are Thread Valves?
A thread valve is the valve with the thread and can be classified into the internal thread valve and the external thread valve. This kind of valve is connected to the pipeline with the threaded connec...
2017.08.23
An Introduction of Swing Check Valves
A check valve is divided into the swing check valve (rotating around its center of gravity) and the lift check valve (moving along the axis). The check valve is one kind of the automatic valve, mainly...
2017.07.19
2017 China (Zhengzhou) International Water Equipment and Technology Exposition
Event: 2017 China (Zhengzhou) International Water Equipment and Technology Exposition Venue: Central China International Expo Center (No.210, Zheng Bian Road, Zhengzhou City, Henan Province) Date: 201...
2017.07.10
Comparisons of Pneumatic Ball Valves and Electric Ball Valves
(1) Pneumatic ball valves The pneumatic ball valve consists of the ball valve and the pneumatic actuator. It generally needs to be used in conjunction with accessories including the magnetic valve, ai...