Magazine article USA TODAY

Growth in Global Oil Market Slows

Magazine article USA TODAY

Growth in Global Oil Market Slows

Article excerpt

Global oil consumption increased by 0.7% in 2011 to reach an all-time high of 88,030,000 barrels per day, according to research conducted by the Worldwatch Institute, Washington, D.C. This rate of increase was considerably slower than in 2010, when oil consumption rose by 3.3% following a decline of 1.3% in 2009 due to the global financial crisis.

Chinas oil consumption increased by 5.5% in 2011, and China accounted for about 85% of global net growth in oil use. An increase in oil consumption of 5.7% in Russia contributed another 37% of net growth. These increases were offset by declines in the U.S. and European Union, where oil consumption fell by 1.8% and 2.8%, respectively.

The gap in oil consumption between countries in the Organisation for Economic Co-operation and Development and all others narrowed further in 2011, with the two groups respectively accounting for 51.5% and 48.5% of total oil consumption. Oil remained the largest source of primary energy worldwide in 2011, but its share fell for the 12th consecutive year to 33%.

The Middle East remains the largest oil exporter, accounting for 36.2% of exports in 2011 and a growing share of the global market. The Soviet Union and the Asia Pacific region are the second and third largest exporters, with shares of 15. …

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