Report: China to be the world’s top oil consumer by 2035

Global Business

China to be the world's top oil consumer by 2035

UK-based oil giant BP says China will overtake the United States as the world’s top oil consumer by 2035. CCTV’s Richard Bestic reports from London.

Report: China to be the world’s top oil consumer by 2035

Report: China to be the world’s top oil consumer by 2035

UK-based oil giant BP says China will overtake the United States as the world’s top oil consumer by 2035. CCTV’s Richard Bestic reports from London.

According to the latest long-term energy outlook from B-P, demand for OPEC oil will remain low, a consequence of a projected slowdown in the expansion rate of developing Asian economies.

When oil prices collapsed last year, jobs were on the line. Energy giant B-P believes, however, global demand for oil will ultimately outpace supply as economic growth continues.

“Much of that increase in the demand for energy will come from developing economies, those economies which are going to grow most rapidly over the next 20 years, particularly China and India. The world demand for oil will gradually pick up, and, over time, this current weakness will dissipate.” Spencer Dale, BP Chief Economist said

BP says strengthening demand could take several years, while oil analysts warn the industry can behave unpredictably.

“Commodity markets are volatile. They’re not just volatile because of the primary energy demand; they’re also volatile because there’s so much financial money up in it.” Cornelia Meyer, an oil analyst said.

It was at the OPEC meeting in Vienna last year, when Saudi Arabia persuaded other oil producers to maintain production levels. That, together with an increase in U-S shale oil production and lower demand has contributed to tumbling prices. BP says within 15 years demand for OPEC oil is expected to exceed its historic 2007 high of 32 million barrels a day.

CCTV’s Richard Bestic reported on this story from BP’s headquarters in London.