World Consumption of petroleum product Goes Beyond Record High in 2012- EIA

The study recently carried out to examine regional trends in petroleum consumption between 1980 and 2012 by Energy Information Administration, US.

 

Across the whole world, consumption of petroleum products set a high record of 88.9 million b/d in 2012, as declining consumption in Europe and North America was rather outpaced by growth in Asia and several other regions- studies by Energy Information Administration, US.

Asia’s petroleum consumption surged by 4.4 million b/d between the years 2008 and 2012. And as you may know in 2009, Asia overtook North America as the biggest petroleum-consuming region worldwide, fueled by increasing deamands from India and china. Moreover, as EIA projected, China is likely to replace the United States as the largest net oil importer across the whole world.

The Unites States have reduced their consumption in 2011 and 2012 just because of high oil prices and an increase in fuel efficient vehicles which is of course one of the great ways to preserve oil resources,. This can further bring good luck for investors in oil and gas by the times ahead. Along with this, consuming gasoline has made up nearly half of total US liquids fuel consumption; fell by 290,000 b/d between 2010 and 2012.

Gradually even in Europe, petroleum use has gone down consecutively since 2006, because of slow economic performance and several government strategies in favor of energy efficiency. As a result Europe’s petroleum use massively went down of 780,000 b/d in 2009 and 570,000 b/d in 2012. 

Reduced oil consumption and energy efficient technologies and transportations will surely maintain the balance of the state. It will also produce less pollution and on the whole take care of oil resources which in turn will always back up financial state of the country. Besides, for those investors in oil and gas will surely stand a great chance to availing great values for their investments globally. 

On the other side, circumstance in the Middle Eastern regions is largely keep on fluctuating and adding to them the recent Syrian strikes has threatened some crisis in oil markets. Thus, contemplating over oil consumption and productions and wisely investing into oil programs can maintain the reserves as well as create good value for the investments.