World oil demand still increasingRiver Thames, London: Photo: Terje Solbakk

World oil demand still increasing

The consumption of oil is still increasing, and is also expected to increase throughout 2020.

The consumption of oil is increasing in the world, and is expected to increase also this year.

According to the International Energy Agency (IEA), the global oil demand in December totaled 100.7 million barrels of oil (MMBO) per day. This number includes mineral oil as well as biofuels production.

Global oil demand rose by 0.955 to 101.1 MMBOE/d in October and for 4Q19 it is estimated to have grown by 1.9 MMBO/d versus a low 4Q18 level, according to IEA.

IEA sees a continued strong momentum in non-OECD countries with China and India demand growing 0.8 MMBO/d and 0.5 MMBO/d respectively in November. US demand is flat in 2019.

IEAs global demand growth forecasts for 2019 and 2020 remain unchanged, at 1 MMBO/d and 1.2 MMBO/d

The demand for oil will increase in 2020 with 1.2 MMBO/day towards 102 MMBO/day, according to the IEA in a recent report.

Also, on Friday the Norwegian Petroleum Directorate published December 2019’s production from the Norwegian Continental Shelf. Norway contributes roughly 2 % of the world demand (2,08 MMBOE/d).

1/3 the Thames

The world now consumes approximately 100 million barrels of oil on a daily basis. A large number. It can be converted to 184 Sm3/second, roughly equal to 1/3 of the average water flow through Norway’s largest river Glomma, or 3 times the average water flow in the river Thames through London.

This rate of consumption also indicates that the Norwegian Giant field Johan Sverdrup would be drained in 28 days with the present-day stated resources planned to be produced. The Johan Castberg field, in development now in the Barents Sea, would last 5,5 days.