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Global Demand

World oil consumption has been increasing at a rate of 2.2% per year since 2000 and reached 87.6 million barrels per day in the first quarter of 2011. Although the United States currently accounts for one-quarter of world consumption, growth in oil use has been lower in the United States than in the rest of the world for the past 40 years. The Energy Information Administration (EIA) projects that world oil demand will grow 2.7% per year through 2020. Oil consumption in Asian countries will be equal to that in the United States by 2020. China, India, and South Korea will more than double their oil consumption over this period. Similarly, demand in Central and South America is expected to double. Oil demand and price are set to grow strongly over the next 25 years despite environmental policies, essentially dooming climate-change goals, according to the International Energy Agency.


  

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