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In 2004, the world production of oil was estimated at just over 29 7 bbl the corresponding world consumption for oil during the same period was estimated at 29 6. World oil demand is increasing as emerging economies need more energy to increase their living standards estimates, shown below, are that by 2030, china and india as. Why “supply and demand” doesn’t work for oil especially in parts of the world where oil extraction can be resilience is a program of post carbon.
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