Global oil demand growth will rise to 60% by 2035

Global average demand for crude oil reached 86.6 million barrels a day in 2010, the highest level since 2007 and is set to increase by almost two million barrels a day each year over the next two years, according to the latest Deloitte periodical publication, Middle East Point of View. As a result, the price of oil has crossed the $100 (Dh367.3) threshold for the second time in two years. "The price of oil will continue to rise due to global demand growth that is expected to rise from 48 per cent of current global demand to as much as 60 per cent by 2035," said Kenneth McKellar, partner and Middle East Energy and Resources leader at Deloitte.