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The recession caused demand for energy to shrink in late 2008, with oil prices collapsing from the July 2008 high of $147 to a December 2008 low of $32. [13] However, it has been disputed that the laws of supply and demand of oil could have been responsible for an almost 80% drop in the oil price within a six-month period. [14]
2008-10-24 20:32 84user 600×450× (103638 bytes) {{Information |Description=Daily oil consumption by region from 1980 to 2006; vertical scale shows thousands of barrels per day, and the horizontal scale shows years from 1980 to 2007. Related charts: [[Image:World oil price in dollars from 1978 to 2008-1
Daily oil consumption by region from 1980 to 2006. This is a list of countries by oil consumption. [1] [2] In 2022, the International Energy Agency (IEA) announced that the total worldwide oil consumption would rise by 2% [3] year over year compared to 2021 despite the COVID-19 pandemic. [citation needed]
The 2003 invasion of Iraq marked a significant event for oil markets because Iraq contains a large amount of global oil reserves. [14] The conflict coincided with an increase in global demand for petroleum, but it also reduced Iraq's current oil production and has been blamed for increasing oil prices. [15]
By 2008, such pressures appeared to have an insignificant impact on oil prices given the onset of the global recession. [45] The recession caused demand for energy to shrink in late 2008, with oil prices falling from the July 2008 high of $147 to a December 2008 low of $32. [46]
One thing President-elect Donald Trump can probably count on next year is falling oil prices, thanks to growing global supply. “Demand is not the primary concern as global oil demand growth is ...
English: Chart showing global net income of oil and gas industry Data source: World Energy Investment 2023. IEA.org Page 61. International Energy Agency (May 2023). Archived from the original on 7 August 2023.
Global oil consumption has apparently accelerated since mid-year as lower prices filter through the supply chain, increasing demand and avoiding a big increase in inventories. Much of the growth ...