mb/d (17 mt/d) in 2020. The annual rate of growth is projected at 2.3 percent, as compared to a growth rate of 1.6 percent per year from 1970 to 1999.
Historically, the industrialized nations have been the major consumers of oil (see Figure 1-6). However, by the year 2020, consumption in the developing countries is expected to be nearly equal to that of the industrialized countries. The largest growth in oil demand over the next two decades is projected for the developing countries of Asia. In particular, from 1999 to 2020 the oil demands of China and India are projected to increase by 6.1 mb/d (0.9 mt/d) and 3.9 mb/d (0.6 mt/d), respectively. The majority of this expected in