BP predicts significant change in global oil trade

In light of the growing western production and the increasing consumption in Asia, the global oil trade faces a major change in the years to come, says oil company BP in its annual energy report.

Photo: Maersk

In the years ahead of 2035 the oil demand will not increase as it has till now, says BP in its "Energy Outlook 2035," published last week. The total global oil demand will only grow by 19 million barrels per day between 2012 and 2035, up to 109 million barrels by 2035.

A still-growing part of the global demand for oil comes from China, which according to the report will surpass the United States as biggest oil consuming nation by 2029, and the Chinese oil import by 2035 will be twice as big as it is today.

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