Thursday, July 15, 2010

Production, reserves and oil consumption

Oil - the blood of modern economies. Every year, it required more and more, and it costs more expensive. She - a symbol of power, wealth, war, corruption, political intrigue and economic fears. The World's proven oil reserves

The World's proven oil reserves are concentrated in the Middle East. In the North Sea oil less, and produce it more expensive. Oil industry workers are pinning their hopes on oil in Africa and Latin America, which until now has been to produce unprofitable. In Russia - 6% of world reserves, but additional exploration depths may lead to an increase in reserves by 20%. Oil production in the world

In 2004, the first time in the history of oil production exceeded 80 million barrels of oil per day. The share of the Gulf accounts for one third of the total market. Production in the U.S. and Britain reduced. In Africa, Central Asia and Central America - is growing. Russia makes 9,5% of world oil, but production growth rates are declining. Consumption of oil in the world

The volume of oil consumption in the world grow unseen since the mid 1970's pace. The economic boom in China demands more oil. Every year, China is increasing oil consumption by 15%. Growth in the U.S. - another factor of demand growth. Soaring demand for oil has led to record prices for it in 2005, although with inflation they are still far from level in the early 1980's. Oil consumption per capita
 
U.S. leads by volume of oil consumption per capita. Western Europe with its high taxes on topilvo learned to save energy. In Russia, low domestic prices are not encouraging conservation, but oil consumption per capita remains low. In the Middle East oil is cheap, and nobody comes to mind to save her.

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