Understanding Current Demand For Oil Essays
Mention the IMF recent move to cut the global growth rate to 3.2%all as a result of many factors in the economies including current slow down to economies like china, soft oil prices affecting economies among other factors that have led to the uncertainty that exist in the global economy. Oil prices have been on a downward trend for some time now and these low prices are not currently expected to rise especially with such moves like the advocating for a world with a future that seeks to eliminate fossil fuels.
As much as oil prices contribute to certain economic effects it is important to understand the current demand for oil across the globe. With low oil prices the oil industry has experienced turbulent times and future that is not predictable. However, this industry continues to thrive and oil production export and import across the globe without a doubt continues. But how exactly well are countries doing in terms of the current demand of oil?
An infographic was created to illustrate the major trends in the current demand for oil prices. The infographic was drawn taking into account the global economic oil industry outlook
There are observable analysis that are deduced from the inforgraphic and tthey include,
The current demand for oil from the infographic illustrates that the global oil consumption in 2015 increased to 34230M barrels per year in 2015 from 33733M barrels in 2014. Global oil production is…