Oil demand has grown considerably – in 2000, it was only 78 million b/d. But now, it's nearng 100 million b/d.
Usually, achieving 100 is a notable event and worthy of a celebration, especially for those celebrating their 100In 2019, annual average global oil demand will exceed 100 million barrels per day . This is not a cause for joy, given concerns we are entering a climate emergency. Public perception in the Western world is shifting towards a strong desire to reduce global emissions – and our demand for oil and other fossil fuels – so we can mitigate our impact on the climate.
Aviation is one of the fastest growing sector of oil demand, as travel for both business and leisure continues to increase. Demand growth is particularly strong in Asia, as higher disposable incomes are spent on leisure and ticking off “bucket list” destinations., as the industrial, residential, commercial and agricultural sectors globally account for over 20 million b/d. There has been virtually no growth in demand from these sectors since 2000, but more worryingly, there has been no decline.
The consumer plays a role here, but Europe has shown the consumer follows their money. The recycling rate of plastic bottles is almost an order of magnitude higher in countries that have a deposit collection scheme compared to those that do not. For consumers, money talks. The overall process of moving away from oil is slow because there are currently few commercially viable alternatives that can be readily deployed at scale. For electric vehicles, this is still some years away and dependent upon battery technology improvements, which are then deployed at scale.
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