US EIA: Increase in energy demand requires 33 million bbl/day more oil

The world is going to need one-third more oil between 2010 and 2040, with developing countries, such as China and India, accounting for a major portion in the increase in energy demand, Adam Sieminski, Administrator of the US Energy Information Administration, stated. “The increase in demand is going to require 33 million bbl per day more oil,” he said at the 2014 Deloitte Oil & Gas Conference in Houston on 18 November. Mr Sieminski provided a global outlook for industry, commenting on the affects of current events and falling oil prices.

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