I’ve already reported on the Third Wave of prosperity for Scotland’s oil and gas sector. Look away Greens. I’ve reported on the SNP government initiatives and the hedge funds (refs below).
CNBC reported on 13th February:
‘Global demand for oil could outdo the 10-year average in 2017 as the health of the world economy improves and demand for road transport continues to grow, OPEC said in the report. The new data from the oil cartel Monday expects demand to grow at 1.2 million barrels per day, up slightly from an earlier estimate and “well above” the 1 million barrel a day averages seen in the past decade.’
Much of this demand will come from the US and the developing world where improving living standards and a growing middle class are driving a massive growth in demand for oil. China and India with their massive populations are the key drivers with India’s oil demand now expected, according to Platts, to grow by 7-8% in 2017, with no sign of faltering, and to eclipse China’s for the third year running.
Of course, real experts could foresee this in the midst of the slump as UK media pundits gloated over Scotland’s misfortune. In August 2016, Forbes reported:
‘Global Oil Demand Can Only Increase’
‘While incremental annual gains obviously vary, there is nothing more assured than increasing global oil demand. The steady drumbeat of more people, making more money, using more oil may be boring to some, but it is also perhaps our most fundamental energy reality. The world now consumes 95 million b/d of oil, up from 86 million b/d in 2008 and an 11% rise even amid the worst economic times since the 1930s. And we know that there is so much more to come: oil is the world’s primary fuel, oil is the enabling force of globalization, and 85% of the global population lives in undeveloped nations still waiting for their chance to consume oil like we rich Westerners do. Just imagine the future: every day, for instance, the average American consumes 25 times more oil than the average Indian, and India has four times more people!’
I know renewables are the future and we want a bit less globalisation but Indyref2 needs no easily exploitable weaknesses.