During the last century, economic and population growth have stirred a significant increase in oil demand, with a current consumption of 100 Mb/d and an additional demand growth of ca. 1 Mb/d per year expected for the next decade.1 This is mostly due to (i) the gradual access to automotive and aviation transportation in less-developed regions and (ii) the expansion of the chemical sector. At the same time, efficiency improvements, very important advances in clean energy generation and strong environmental concerns along with stricter policy, are expected to result in a far slower growth in the use of oil-derived fuels in the second half of the decade and in a likely decrease in demand after 2030.
Bibliographical noteKAUST Repository Item: Exported on 2020-10-01
Acknowledgements: Funding from Saudi Aramco is gratefully acknowledged.