Global oil demand to grow to 114m bbl/day in 2030 - consultant

25 October 2012 03:54  [Source: ICIS news]

SINGAPORE (ICIS)--Global oil demand is expected to grow to 114m bbl/day in 2030, from close to 90m bbl/day last year, boosted by a surge in the consumption of transportation fuels, a consultant said on Thursday.

Fuel demand will be driven by strong population growth rates in developing countries such as China and India, said Liisa Kiuru, the executive director of Hart Energy's International Fuel Quality Center, at the Downstream Asia 2012 event in Singapore.

The Asia-Pacific will account for 54% of global oil demand growth through to 2030 while China alone will account for 33% of the overall growth, she added.

The strong demand growth for oil is changing supply patterns, with North America now concentrating on unconventional sources such as shale gas and heavy crude oil grades which will boost the production of petrochemicals and petroleum products, according to Kiuru.

The Downstream Asia 2012 event runs on 24-25 October and is part of the annual Singapore Energy Week.

By: Nurluqman Suratman

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