DALLAS, Feb. 13, 2012 (GLOBE NEWSWIRE) -- Brazil, Russia, India, and China (BRIC) play crucial roles in global economic development, climate change, and primary energy usage. Strong economic growth and low per capita energy consumption boosts these nations' primary energy use. The BRIC countries are increasing their share in global oil consumption, which rose from 15% to 21% during 2000 to 2010. Although evolving hybrid and electric vehicles pose some challenge to the crude oil industry, oil consumption of BRIC and the US is expected to reach US $1,955 billion by 2020.
Lucintel, a leading global management consulting and market research firm, analyzes the crude oil industry and presents its findings in its report, "Regional Benchmarking of Crude Oil Industry 2011–2020: BRIC Countries and US."
Lucintel's research indicates that, by 2020, US oil consumption is expected to reach a value of $850 billion. Despite innovative strategies to check oil consumption and boost biofuels in transportation, the US would remain the world's largest oil consumer. India and China are driving BRIC oil consumption through 2020. Large populations and rapidly expanding middle classes create huge potential in these countries. In BRIC, the strong correlation between GDP and oil consumption growth means that oil consumption is likely to grow with the rapid economic growth through 2020. These countries are likely to be the growth engines of the future. Spending power is likely to shift away from the richest countries to the middle class in these countries, leading to higher consumption of oil.
As per Lucintel's study, Brazil's oil consumption is estimated to grow at a CAGR of approximately 2% from 2010–2020 because of projected development in infrastructure and transportation systems. Russian oil consumption is anticipated to surpass a CAGR of 1% because of rising demand for gasoline and diesel in the automobile sector. India's and China's oil consumption is estimated to grow with CAGRs of approximately 11% and 9% respectively during 2010–2020. Growing middle class demand for private automobiles is expected to escalate oil consumption. Lucintel's study indicates that Brazil is emerging as a promising destination for investment in crude oil exploration and related segments in the BRIC countries.
Lucintel's research report provides trend scenarios and forecast statistics for 2000–2020; details industry drivers and challenges; production; consumption; and demand and supply scenarios of the crude oil industry. The report also examines the BRIC countries' resource potential and the competitive advantages of BRIC and the US through Porter's Five Forces and diamond analysis; scenario analysis of crude oil industry for BRIC and the US.
For a detailed table of contents and pricing information on this timely, insightful report, contact Lucintel at +1-972-636-5056 or via email at helpdesk@lucintel.com. Lucintel provides cutting-edge decision support services that help facilitate critical decisions with greater speed, insight, and cost efficiency. To find out more, please visit www.lucintel.com.
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