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.