Abstract:In OECD Europe, oil consumption increased from 13.7 MMbbl/d in 1990 to 15.5 MMbbl/d in 2005, net increase 1.8 MMbbl/d. Oil consumption is expected to rise only 0.1 MMbbl/d in OECD Europe over the next 15 years. In Russia and FSU countries, though, oil consumption is expected to dramatically increase in next 15 years after years of low consumption levels. Moreover, developing Asia and Middle East is expected to reshape future oil markets. As Rate of Reserve Replacement continues to be challenged, International … Show more
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