US guzzled 30% of world oil supplies in three years

05-Aug-05

Many analysts and traders who felt that the rocketing costs of crude oils were a result of the high demand from China and India, seem to have been proved wrong with figures showing that United States has guzzled up more than 30% of the world supplies over the past three years, with the figure holding steady this year and the next. Rampant demand for crude oil in the United States seems to have become a bigger factor behind sky-high prices, and it is likely that the prices will further rise surpassing the record high of about US$62 per barrel if western countries do not curb their demand. The demand problems will curb, were the West to adopt a prudent energy-saving regime. Chinese demand for crude oil in 2002, 2003 and 2004 was about 6.4%, 7.1% and 7.8% of total daily demand of 77.9, 79.4 and 82.3 million bpd respectively. This is likely to rise in 2005 and 2006 to about 8.1% and 8.5% of the world demand respectively. Whereas the Asian demand is forecaste to rise at about 19% in 2006 up from 18.6% this year and 18.1% in 2004