Oil Production to Diminish Due to Shrinking Demand, not Scarcity
Thursday, June 11, 2009 21:13
It used to be the nightmare scenario that the world would run out of oil and civilisation would grind to halt. Chief executive of BT—Tony Hayward, said that global oil production will decline, but because of dwindling demand, not due to a scarcity of supplies of crude.
Gains in energy efficiency will lead, ultimately to falling oil demand. Indeed, consumption of oil in the developed world fell by 1.6% last year, which is the largest drop ever since 1982, and the decline is set to continue.
The prediction of weakening demand came as the energy company unveiled its annual review of energy trends. The BP Statistical Review of World Energy indicated that for the first time, total energy demand in poorer countries, including China and India, exceeded the hunger for power and fuel in wealthier nations in the Organisation for Economic Co-operation and Development.
Though demand for oil faltered, the BP report showed that global coal consumption had risen by 3% last year to a total of 3.3 billion tonnes. It is said that the gains were led by consumption in China, where dozens of new coal-fired power plants are being built every year to feed the country’s growing demand for electric power.
However, according to vice-chairman of Chian’s national development and reform commission—Zhang Xiaoqiang, it is said that China plans to significantly increase its use of wind and solar power and aims to generate as much as 20% of its energy from renewable sources by 2020.
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