CONTEMPORARY EURASIA VOLUME VI (1) Contemporary-Eurasia-VI-1-engl | Page 55

CONTEMPORARY EURASIA VI (1)
Table 3: World Oil Consumption (in Millions of Barrels per Day)
United
States
OECD
Europe
China
India
Japan
South
Korea
2011 2020 2025 2030 2035 2040 18.6 19.4 19.1 18.7 18.5 18.6 Annual
Growth
2011-2040
0.0
14.2 13.8 13.8 13.9 14.1 14.2 0.0
9.8
3.2
4.46
2.3 13.2
4.2
4.41
2.5 14.7
4.9
4.3
2.61 15.5
5.6
4.2
2.66 16.6
6.2
4.1
2.69 17.5
6.8
3.9
2.4 2.0
2.6
-0.4
0.6
Moreover, long-range forecasts are proving that in terms of
purchasing power parity China has potential to overtake the United
States as the largest economy in 2017, and in market exchange rate
terms by 2027 46 .
In order to reduce its domestic demand for oil Saudi Arabia has
recently initiated various programs for increasing its natural gas
production. The Kingdom also declared that in that case it will be able
to increase its oil exports to China. The United Arab Emirates tries to
keep its status as China’s stable energy supplier as well, and the
construction of the Fujairah pipeline by a Chinese company is
highlighting the point. Nevertheless, this pipeline borders the risky
Strait of Hormuz and its capacity is restricted. Generally, the UAE’s
energy exports to China are not very huge 47 .
China’s energy cooperation is significant with another GCC
member-state-Qatar. In 2009 Qatar-gas, China National Offshore Oil
Company (CNOOC) and PetroChina signed a 25-year agreement to
provide five million tons of Liquefied Natural Gas (LNG) per year.
Indeed, this agreement will create a long-term interdependency between
China and Qatar. According to CNOOC President Fu Chengyu it will
establish ‘great complementarities’ between the sides. Regarding this
46
Ibid.
Alterman J., China's Balancing Act in the Gulf, CSIS, August, 2013, p. 3.
https://www.csis.org/analysis/chinas-balancing-act-gulf
47
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