The world’s consumption of petroleum products reached a record high of 88.9 million b/d in 2012, as declining consumption in North America and Europe was more than outpaced by growth in Asia and other regions, according to a recent study by the US Energy Information Administration.
The study examines regional trends in petroleum consumption between 1980 and 2012.
Asia’s consumption increased by 4.4 million b/d between 2008 and 2012. In 2009, Asia overtook North America as the world’s largest petroleum-consuming region, fueled by demand increases from China and India. According to EIA’s projections, China is expected to replace the US as the world’s largest net oil importer this fall.
US consumption was reduced in 2011 and 2012 as a result of higher oil prices and increased fuel efficiency of light-duty vehicles. Motor gasoline consumption, which makes up almost half of total US liquids fuel consumption, fell by 290,000 b/d between 2010 and 2012.
Petroleum use in Europe has declined consecutively since 2006, due to weak economic performance and government policies in favor of energy efficiency. Europe’s petroleum use declined of 780,000 b/d in 2009 and 570,000 b/d in 2012.
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