Please help! I want answers for these Questions about Oil?

Question

Please Help!

These are some questions about oil consumers

How many barrels per day needed now?


Is world economy growth has any role to play?

What is the world daily consumption?

What is the yearly demand growth?

I would appreciate anyone who answers...

Answer 1

1) Global oil product demand is expected to rise by a robust 2.5 percent to 88.2 million barrels per day in 2008, largely due to a weather-related rebound in the OECD and strong demand in non-OECD countries," it said in its monthly oil market report.

2) Yes.

3)The world consumes about 87 million barrels of oil per day, or nearly 30 billion barrels of oil per year.

4)As above

5) Can i have a star now please?

Answer 2

The most recent reports on oil consumption shows that it is 20,730,000 bbl/day. Oil plays an important role in any countries economy. It contributes the major portion of national income or export of the country. From 1974 to 1978 world's oil prices were relatively flat ranging from $12.21 per barrel to $13.55 per barrel. In Post War period, oil prices to more than double increasing from $14 in 1978 to $35 per barrel in 1981.



From 1982 to 1985, OPEC attempted to set production quotas low enough to stabilize prices. Oil prices reduced below $10 per barrel by mid-1986.



In the 1990s completion rates for exploratory wells have soared from 25 to 45 percent.



2007 studies, shows that the current demand for oils is $50 & $60 per barrel.

Answer 3

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