|demanding definition oil field||0.12||0.1||1028||14|
The demand side of peak oil over time is concerned with the total quantity of oil that the global market would choose to consume at any given market price. The hypothesis that peak oil would be driven by a reduction in the availability of easily extractable oil implies that prices will increase over time to match demand with a declining supply.What is an oil field?
An oil field is a tract of land used for extracting petroleum, otherwise known as crude oil, from the ground. Although some contest the exact origin of oil, most consider petroleum a fossil fuel created from dead organic material often found in ancient seabeds thousands of meters below the surface of the earth.How will the world’s oil demand change in the future?
The growth in demand is initially met from non-OPEC producers, led by US tight oil. But as US tight oil production declines in the final decade of the Outlook, OPEC becomes the main source of incremental supply. OPEC output increases by 4 Mb/d over the Outlook, with all of this growth concentrated in the 2030s.Where does the demand for liquid fuels come from?
All of the demand growth comes from developing economies, driven by the burgeoning middle class in developing Asian economies. Consumption of liquid fuels within the OECD resumes its declining trend. The growth in demand is initially met from non-OPEC producers, led by US tight oil.