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China's Economic Growth Dominates Global Oil Demand: IEA
May 17 2011 5:00:00 pm EST
Topics: China, Infrastructure,
Shanghai Pudong, courtesy Wechselberger, Wiki Commons
I recently read an interesting article in The New York Times, analyzing the International Energy Agency’s (IEA) 2010 World Energy Outlook. According to the report, China’s economic development will be the single largest factor in pushing oil prices higher over the next quarter-century. At the same time, they may become the driving influence behind growth in renewable technology.
The IEA predicted that Chinese energy demand would soar 75 percent by 2035, accounting for more than a third of the growth in global consumption. While China today accounts for 17 percent of world demand for energy, it should account for 22 percent in 25 years.
Over the last decade, China’s energy demand has doubled. While China used only half as much energy as the United States in 2000, it surpassed the United States in 2009 as the world’s largest energy user. Despite their growth in consumption, the average Chinese consumer uses roughly one-third the energy of consumers in industrialized countries of North America or Europe.
the IEA predicted that world energy demand should grow by more than a third over the next 25 years, despite the fact that conventionally crude oil production peaked in 2006.
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