| Crude oil is an essential fossil fuel and it is of utmost | | | | has already peaked while some still think we are |
| importance to the transportation sector. With high | | | | almost close to peak oil. In the year 2002, oil was |
| energy density, stability, easy storage and lesser | | | | consumed globally four times as much as it was |
| effects on the environment on burning, crude oil is | | | | newly discovered. The world oil usage was estimated |
| being consumed on a regular basis throughout the | | | | at 82.63 million barrels per day during the first quarter |
| world. There is a growing demand for crude oil in the | | | | of 2005. According to the International Energy |
| developing nations such as China and India .It is | | | | Agency (IEA) demand for crude oil was 85 million |
| believed that China will outrun U.S as the world's | | | | barrels per day during 2008 and the oil demand |
| largest consumer of oil after few years. | | | | forecast for 2010 would account for 86.6 million |
| According to IEA or International Energy Agency, it is | | | | barrels per day. |
| forecasted that there will be a rise in the global | | | | New oil projects will be introduced in the coming |
| demand for crude oil as the developing countries | | | | years to meet the growing demand for crude oil. The |
| have increased the usage of crude oil. The usage of | | | | world oil demand is expected to increase to 105 |
| global crude oil is increasing at a slower pace year by | | | | million barrels per day during the year 2030. Out of 20 |
| year with an upward moving trend. In 2010, the | | | | million barrels that are being consumed per day by |
| developing countries like China and India are most | | | | America, 25 percent is used for burning on the roads. |
| likely to witness a robust GDP growth in crude oil | | | | The International Energy Agency predicts that the |
| demand. Year after year, growth in demand for | | | | world will hit peak production between 2013 and 2037 |
| crude oil can be witnessed in the world's largest oil | | | | but the U.S Geological Survey, Hubert's old employer |
| consuming nations such as US, Canada, UK, Germany, | | | | has a given an optimistic view that the peak in oil |
| France, Italy, Spain, India, China, Japan, Saudi Arabia, | | | | production is 50 years away. The estimates released |
| Iran, Russia, Brazil, Korea and Mexico and these | | | | by the USGS periodically depict the amount of oil that |
| nations account for about 70% of the global demand | | | | is still available in the world. Saudi Arabia is the one to |
| which is a sign that the global economy will surely | | | | dominate with the world's largest oil reserves and the |
| improve. | | | | second to top the list is Canada, which moved from |
| The demand for crude oil in the developing countries | | | | the 20th position accounting for 180 billion barrels of |
| has always been met by the world's largest oil | | | | recoverable oil. |
| producing nations but if the needs of the developing | | | | World's largest oil reserves can be found in Countries |
| countries increase beyond the predicted numbers, | | | | such as Saudi Arabia, Canada, Iraq, Kuwait, Iran, |
| there is a possibility of shortage in crude oil even | | | | Russia and Mexico, which help in successfully meeting |
| though peak in production hasn't been reached. It is | | | | the demand for crude oil in the global market. |
| believed by few scientists that world oil production | | | | |