Over the past few decades, global oil demand has continued to grow, apart from a contraction over the period 2007-2009 caused by the banking crash and slowdown in the global economy. There are no signs that this is likely to change in the near future. Furthermore, the location of oil consumption has gradually shifted. In 1980, the 'western hemisphere'-Europe, Africa and the Americas-consumed about 75% of oil, and Asia only about 25%, but by 2017 this had become virtually 50-50. This shift has led to a boom in refining in Asia in an attempt to keep up with the rapid increase in refined product demand which has come from the industrialisation of China, India and Southeast Asia.
展开▼
