83.6 millions barrels of oil are consumed daily (mb/d), an increase of 25% since 1990. According to the United Nations, oil consumption could reach 116 mb/d in 2030, 70% of it consumed by developing countries, 30% by China. According to experts, the peak of production was either reached in 2007 or will be reached in 5 to 25 years. The expected scarcity of black gold is reflected in its price hike, a barrel of oil reached the 100 dollar mark at the beginning of 2008. Gas consumption increased by 41% in 15 years and coal consumption by 92% compared to 1980. In 1996, China consumed its own production of hydrocarbons; in 2006, it imported 50% of its hydrocarbon consumption. As a result, in 200 years man will have burned a resource which took 400 million years to “come about.”
Producers and consumers
The Middle Eastern countries that are members of OPEC possess 81% of global oil reserves, and produce 43% of them. Saudi-Arab...