Global demand for oil will reach peak at 2035, and China, along with other Asian countries, is leading the growth of demand, said a U.S. oil industry consulting firm on Monday.
According to a survey published by Wood Mackenzie, an oil industry consultancy based in Houston, China, India, Japan, Singapore and South Korea, are Asia’s top five oil importers. The total oil demand for these countries increased by 2.5% in 2018, going to 25.9 million barrels per day, while China and India “were responsible for most of the growth.”
The timing of peak oil demand will impact investment in infrastructure and ship purchases, oil rigs and also a considerable global economic impact, the research said.
Another report released this week by investment bank Morgan Stanley, headquartered in New York, also confirms that growth will continue globally for the oil industry. The Wall Street Bank has indicated that worldwide capital expenditures in the oil industry will continue to expand in the coming years.
“Spending, although still a fraction of the levels prior to 2014, should grow about 6% in the CAGR (combined annual growth rate) up to 2022,” the investment bank said.
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