13 July 1007: Global Oil Demand to Increase In '08:
The International Energy Agency predicted on Friday that tightness on the global oil market would ease next year, as it raised its forecast for oil product demand forecast for 2008 by 2.5 percent to 88.2 million barrels a day.
It said increasing demand should be offset by an increase in Opec capacity of one million barrels per day to reach 35.4 million barrels a day and a one million barrel a day increase in non-Opec supply to 51 million barrels a day
"Global oil product demand is expected to rise by a robust 2.5 percent to 88.2 million barrels per day in 2008, largely due to a weather-related rebound in the OECD and strong demand in non-OECD countries," it said in its monthly oil market report.
One vote for 88.2 million barrels per day.
From Reason Magazine:
The world consumes about 87 million barrels of oil per day, or nearly 30 billion barrels of oil per year.
One vote for 87 million barrels of oil per day.
From Americans for Energy Independence:
If China's economy continues to expand at its current pace, its income per person would equal the US by the year 2031. China's oil requirements would jump to 99 million barrels per day (current world production is 88 million barrels per day).
One vote for 88 million barrels of oil per day.
Is the heyday of oil production going to last indefinitely? And can anything really be done, indefinitely, about the resultant global warming?