The Global View

Where is oil demand growing the fastest?

Standards of living aren’t the only thing rising in so-called BRIC countries (Brazil, Russia, India and China): along with a growing middle class, developing economies are also seeing a growing demand for oil.

While oil consumption is steady or dropping in many developed nations, it’s rising rapidly among non-OECD (Organization for Economic Cooperation and Development) countries. From 2009 to 2010, non-OECD oil demand rose by 5.5 percent, from 38.75 million barrels per day (mbpd) to 40.94 mbpd, according to BP’s 2011 “Statistical Review of World Energy”.

Where is consumption increasing most quickly? Here are the top 10 countries where demand rose the most from 2009 to 2010:

  1. Qatar – 18.1 percent (from 176,000 barrels per day (bpd) to 220,000 bpd)
  2. China Hong Kong – 15.2 percent (280,000 bpd to 324,000 bpd)
  3. Singapore – 10.9 percent (1.07 mpbd to 1.19 mpbd)
  4. China – 10.4 percent (8.20 mpbd to 9.06 mbpd)
  5. Vietnam – 10.4 percent (304,000 bpd to 338,000 bdp)
  6. Brazil – 9.3 percent (2.4 mpbd to 2.6 mpbd)
  7. Russia – 9.2 percent (2.9 mpbd to 3.2 mpbd)
  8. Argentina – 8.5 percent (521,000 bpd to 557,000 bpd)
  9. United Arab Emirates – 8.4 percent (616,000 bpd to 682,000 bpd)
  10. Saudi Arabia – 7.1 percent (2.6 mpbd to 2.8 mpbd)

Together, these 10 countries accounted for a rise in oil demand from 19.124 mpbd to 20.978 mbpd. That’s an extra 1.854 mbpd — more than all of France consumed in 2010 (1.744 mbpd).

1 thought on “Where is oil demand growing the fastest?”

Comments are closed.