The petroleum industry is one sector which has seen a continuous rise in demand over the years. The global demand for crude oil rose 1.76% from 1994 to 2006 and is speculated to go up nearly 37% up till the year 2030, largely spurred by the transportation sector.
Developed countries have shown sustained high demand which is now being augmented by increased demand from India and China. The production of oil has been relatively steady, being constrained by the number of fields in operation and being drilled from. Global supply was nearly 84.5 million barrels per day by 2007 but can be said to fall steadily as the world’s biggest fields in Saudi Arabia and Kuwait mature and show decline in production.
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