Application of Demand & Supply-Crude Oil (Management Project)

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A significant factor on petroleum demand has been human population growth. Oil production per capita peaked in the 1970s. The world’s population in 2030 is expected to be double that of 1980. There are speculation or predictions that oil production in 2030 will have declined back to 1980 levels as worldwide demand for oil significantly out-paces production.

There are claims that the rate of oil production per capita is falling, and that the decline has gone undisguised because a politically incorrect form of population control may be implied by mitigation. Oil production per capita has declined from 5.26 barrels per year (0.836 m³/a) in 1980 to 4.44 barrels per year (0.706 m³/a) in 1993, but then increased to 4.79 barrels per year (0.762 m³/a) in 2005. In 2006, the world oil production took a downturn from 84.631 to 84.597 million barrels per day (13.4553×106 to 13.4498×106 m3/d) although population has continued to increase. This has caused the oil production per capita to drop again to 4.73 barrels per year (0.752 m³/a).

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