IEA: Petrochemicals set to be the largest driver of world oil demand

Tallbloke's Talkshop

Oil extraction [image credit: ewg.org]
A recent energy conference was told: “The world will attain the 100 million barrels a day mark of [oil] consumption later this year, much sooner than we all earlier projected.” This report notes that petrochemicals ‘are required to manufacture many parts of the modern energy system, including solar panels, wind turbines, batteries, thermal insulation and electric vehicles’.

Petrochemicals are set to account for more than a third of the growth in world oil demand to 2030, and nearly half the growth to 2050, adding nearly 7 million barrels of oil a day by then, reports Green Car Congress.

They are also poised to consume an additional 56 billion cubic meters (bcm) of natural gas by 2030, and 83 bcm by 2050.

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This entry was posted in applied price theory on by .

About Jim Rose

Utopia - you are standing in it promotes a classical liberal view of the world and champion the mass flourishing of humanity through capitalism and the rule of law. The origin of the blog is explained in the first blog post at https://utopiayouarestandinginit.wordpress.com/2014/03/12/why-call-my-blog-utopia-you-are-standing-in-it/

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