Last month the 2018 BP Statistical Review of World Energy revealed that global oil production has now grown for eight straight years. Oil consumption rose to a new high as well, and has increased in 31 of the past 34 years.
Today I want to take a deeper dive into global oil consumption numbers. Let’s first look at the global picture of the relentless growth of oil demand:
Following several years of softening demand in the early 1980’s, oil consumption turned upward in 1984. Since then, oil demand has risen by 39.2 million barrels per day — an increase of 67% and an average increase of 1.15 million BPD per year over the span of 34 years.
