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Global Pe r s p e c t i v e
1. PETROLEUM World Economy and Oil Demand World economies in 2004 managed to grow 4 percent over the preceding year despite oil prices rising as steeply as US$ 30-40 per barrel. The main participants were the developing nations, Latin America, and North America. China and Russia boasted the most dramatic economic activity at 8 percent growth. The escalating trend drove global oil consumption up by 3.4 percent to 82.4 million barrels per day, or 2.7 million barrels per day (mbpd). Demand originating in the Asia-Pacific region represented 1.3 mbpd, of which China alone accounted for 53 percent.
World oil supply notched 83 mbpd. The nations of the Organization of Petroleum Exporting Countries (OPEC) accounted for 33 mbpd, or 40 percent, the Former Soviet Union 11 mbpd, countries in America and Europe continent 21 mbpd. Other oil producing countries, including Iraq where the output level was 2 mbpd, were responsible for the remaining 18 mbpd.
World Oil Demand
Million barrels per day (mbpd)
100
80
77.94
79.70
2002
2003
82.40
83.86
2004
2005
60
40
20
0
Source : Global Economic Prospects ; Overview and Global Outlook : The International Bank for Reconstruction and Development : World Bank ; November 2004, * OECD = Organization for Economic Corporation and Development
China
Other Asia
Non-OECD
OECD