Volume : III, Issue : VII, July - 2014

The Overview of Global Oil Scenario

Pratik P. Valand

Abstract :

Oil plays an important role in the global energy balance, accounted for 32% of energy consumption in 2010. This proportion has changed very little in the last 20 years (the figure was 37% in 1990), despite the fact that the total amount of energy consumed worldwide has increased by more than 50% over the same period. This trend has been driven primarily in the last decade by emerging countries. At regular points throughout these two decades, questions have been raised about the growing scarcity of fossil fuel resources and the imminent inevitability of peak oil. The oil and gas sector plays a very important role in the economic and political scenario of the globe. The limited oil and gas reserve along with increasing energy requirement across the globe has led to spiraling of price resulting in supply related concerns for countries around the world.

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Article: Download PDF   DOI : 10.36106/ijar  

Cite This Article:

Pratik P. Valand The Overview of Global Oil Scenario Indian Journal of Applied Research, Vol.4, Issue.7 July 2014

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