Europe Oil Consumption Peaked in 2005
Consumption peaked 7 years after the production peak and is falling now in sync with production.
oil consumption
Asia depends on Middle East for 66 % of its oil imports
Of Asia’s total incremental oil imports since 2001, 4.5 mb/d (47%) have come from production growth, 3.9 mb/d (41%) from taking away imports of other countries (US, Europe, Africa and others) and 1.2 mb/d (12%) from direct consumption decline (US, Europe and others).
What Happened to the Future?
Improbably, the global economy has returned to growth over the past four years despite the ravages of a deflationary debt collapse, a punishing oil shock, ongoing constraint from debt and deleveraging, and stagnant global wages.