Despite a decline in some regions, global long-term oil consumption is still seen to be rising. At the same time, various dynamics are stimulating oil and gas activity in one of the biggest markets in the world, the US. North America is awash with newly producible shale gas and ‘tight’ oil reserves.
According to a ‘Today in Energy’ brief from the US Energy Information Administration (EIA) this September, the largest potential for growth in demand for liquid fuels lies in the emerging economies of China, India and countries in the Middle East. In fact, China, India and other developing countries in Asia are expected to account for seven out of the 10 barrels in growth of world liquid fuels consumption through to 2040 that the EIA’s International Energy Outlook 2014 (IEO2014) projects.
The developed world needs affordable energy to drive still-recovering economies and continued economic growth, while emerging economies need it to fuel ongoing industrialisation and development.
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