Sunday, 24 April 2011

World Crisis-World War


World demand of oil increase skyrocket over the time and if the demand for 2001, the oil requirement is at 75 million barrels per day but in 2025 will reach 119 million barrels per day. Not to surprise that OPEC and non-OPEC producers would not be able to fulfill it. The threat of energy war is look like unavoidable.

World Energy Agency (IEA) indicated that last five years, world oil demand increased by 13.9%. Largest consumption came from China's economic growth, India, Japan, and later the United States. China is responsible for 4% (from 13.9%) increase in world oil demand. China imported 150 million tons of crude oil in the first eleven months of this year. World oil demand continues to increase the price of oil continues to rise and it look that the war fighting of energy will never end.

During U.S. President George W. Bush, he has called United States of America to break away from dependence on Middle East oil imports. Bush called “Growing Energy Initiative” and requested the Department of Energy to develop clean as energy back up.

Report from the studies conducted by the experts, that world oil reserves, almost to the point of recession, about fifteen years from now year of 2011. Whereby, the recession
in the oil industry meant that the total production of oil and total oil reserves are not balanced due to exploration and production cost.

For the normal citizen, it is happening now and the cost of oil now already treating the economic prosperity and slowly changing the methods of living.

The chaos in the world oil market start from the Iraq war 2003, fear of nuclear crisis in Iran, Libya political instability and unpredictable political stability in Middle East as overall caused reduce of world oil supply.

NOW, world is in the energy crisis or more precisely to the world energy war.

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