Asia leads world in petroleum consumption

According to the Energy Information Administration, Asia has been the leading global consumer of petroleum since 2008 and used 25M barrels per day in 2010. 

Asia surpassed North America as the largest petroleum-consuming region in 2008. Asian demand surged nearly 15 million barrels per day from 1980 to 2010, an increase of 146%. North America’s petroleum consumption increased 16% between 1980 and 2010. Global petroleum consumption increased 36%, nearly 23 million barrels per day, during the period.

Together, the Middle Eastern, Central & South American, and African share of total global oil demand grew from 11% in 1980 to 20% in 2010 (see chart below). European demand for petroleum decreased 5% from 1980 to 2010, while consumption in the Former Soviet Union fell 55% in the same period.

Any reduction in demand for petroleum here in the states or the continuing decline in Europe will be overwhelmed by fast growing use in Asia and anticipated growth in Africa, the Middle East and South America.  It is in the least mature economies where cheap carbon based energy demand will increase the fastest although their consumption will remain a small fraction of overall use.