As an oil trade, you must understand well the growth rate of world oil production and consumption. From this, you can read Market Trading well. World oil experiences daily consumption growth. Many factors are the cause of the increase in consumption. Do you know what the world’s oil consumption is now? Knowledge about it all is very important to know especially if you are a trader or want to run trading oil.
Current world oil consumption
According to information obtained from the CNBC page quoted also from the OPEC annual outlook report, world oil consumption is expected to increase from 2017 to 2023 by 7.3 million BPH. Which in the world oil consumption in 2023 will reach 104.5 million barrels.
Oil consumption in the future
Whereas in the next period, world oil will still increase. It is estimated that world oil consumption in 2040 will increase to reach 200 thousand BPH. This figure is likely to rise if industrial growth continues to rise and vehicles also continue to increase more than the initial calculation.
How much the the world’s oil consumption today? To know and understand about it, it’s really highly recommended for you to read this article. Here also, you can get one of best company which is right for trading oil
Factors affecting the increase in the world’s oil consumption
World oil consumption will continue to increase or even reduce consumption. There are several factors that can affect this. Now some of these factors include:
- OPEC Organization
- Stability of petroleum producing countries
- Factors from oil companies
- Global oil demand
- Technological developments and discoveries
The biggest country of oil consumption
Now the growth of oil consumption depends on many ha as mentioned above. But among the many factors that cause the increase in world oil consumption is industrial growth, and the world’s fleet of vehicles. Countries that consume a lot of oil are Asian countries such as China, India and other countries that have the most total vehicles.
Possibility of investment
For capital owners, rising world oil consumption is one of the advantages because they can trade more profitably. With the value of world oil consumption increasing, the investment value will increase and continue to grow. Meanwhile for those of you who want to run a trading oil business, it is highly recommended to find one of the companies that provide the best platform. One of them you can join in worldoiltrade, which has been proven a lot.
Now that is the explanation of how much the world’s oil consumption is Now? Hopefully giving enlightenment to you, especially those who will do oil trading.