Q. With reference to the global oil market, consider the following statements: - India is projected to become the largest oil consumer by 2035.
- The Strait of Hormuz is responsible for about 20% of the world's oil supply.
- Electric vehicles are expected to decrease oil demand in China.
- Road transport has historically contributed to more than half of global oil demand growth.
How many of the above statements are correct?
Answer:
All four
Notes: - India is projected to become the largest oil consumer by 2035: This is correct. India is expected to lead global oil demand growth, adding nearly 2 mb/d by 2035.
- The Strait of Hormuz is responsible for about 20% of the world's oil supply: This is correct. Approximately 20% of global oil and LNG supplies transit through this critical chokepoint.
- Electric vehicles are expected to decrease oil demand in China: This is correct. China's oil consumption for road transport is projected to decline due to the rise of electric vehicles.
- Road transport has historically contributed to more than half of global oil demand growth: This is correct. Road transport has driven oil demand growth by 4.2 mb/d, contributing to nearly half of the increase.
Thus, all four statements are correct.