Jan. 17, 2011: Economic Recovery in Asia Drives Up Global Oil Demand
One indicator of the growing demand for oil in Asia is that Chinese demand for gasoline, diesel fuel, and heating oil grew at about 8 percent annually in 2010, based on provisional data through September. In India, the demand for diesel fuel and heating oil is growing at 7 percent per year, while the demand for gasoline is growing at 11 percent per year. As a result, 2010 will go in the record books among the years with the fastest growth in oil demand. In recent years, only 2004 experienced faster growth. Looking ahead, Wood Mackenzie forecasts a slight moderation in the growth in world oil demand, reaching 88.1 Mb/d in 2011 and nearly 90 Mb/d in 2012.
Publication date: 01/17/2011