Oil usage in the world has suddenly Paul Favret surged like never before. Its prices are rising, and its demand is increasing day by day. You might wonder why the costs and demand for oil have suddenly shot up since 2020? Besides the above, several investors are grabbing this opportunity and investing in oil and gas bonds extensively.
Energy expert Paul Favret reviews the situation
Paul Favret is a widely respected and expert in the energy, gas, and oil sectors. He has served many top companies as the Founder, CEO, and President and is known for his invaluable experience in the industry. He is the former President and the founder of many gas and oil firms in the USA, and they have eight patents in the nation when it comes to the techniques that deal with the upstream exploration of gas and oil.
Besides the above, he is a widely respected expert and specialist in Geophysics and Geology. He has Magna cum Laude as well as Summa cum Laude from Western Carolina University and the University of South Carolina. The companies under him have accumulated more than 115,000 net acres with interest in over 384 wells via three public company acquisitions in the past.
Reasons for the sudden rise in the demand for oil usage
According to him, one of the main reasons for the interest in gas and oil bonds today is the rise in demand for high-yield energy bonds. You can imagine the volume of oil that has been used recently. Experts like him have anticipated that the demand for oil across the world will surge and surpass the levels seen before the coronavirus pandemic. with the study of geophysics and geology so that disaster planning can be done in an efficient manner.
Global demand for oil
As per experts and analysts in the industry, the demand and the growth of oil will soon outstrip its supply in total. It was seen in 2021 that its demand rose by about 5.5 million b/d, and to date, in the year 2022, there has been a demand of 3.3 million b/d so far. Some analysts believe that this year, the price of oil can surge up to $90 for every barrel. In fact, the current rate can even surge to $100 per barrel this year soon.
What are the reports saying about oil usage in the world?
Paul Favret has been studying reports that The International Energy Agency has issued. As per studies that have been published for this agency, in its monthly report, the globe has used a lot of oil in the last ten years or so than they have since 2007. There is now a demand of nearly 10 million barrels daily, and the demand is going to go up even more.
It is now leading at about 2.9 billion oil barrels, and if there is more demand, this will amount to about five times the amount that is contained in the US Strategic Petroleum Reserve, which is more than what Spain, France, the UK, and Italy use every year.