| 11:25 AM EST

Worldwide Petroleum Use Hits New Record


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Global consumption of petroleum fuels climbed to an all-time high of 88.9 million barrels per day in 2012 as increases in emerging markets offset declines in Europe and North America, according to the U.S. Energy Information Administration.

The agency predicts global oil consumption will reach an average 90 million bpd this year and 91.2 million bpd in 2014.

Asian economies continue to lead the growth. The EIA notes that China’s oil usage has surged 84% to 10.3 million bpd in the past 10 years. Over the same period, the consumption shrank 7% to 18.6 million bpd in the U.S. and nearly 11% to 14.4 million bpd in Europe.

The EIA forecasts more of the same through 2014. The agency notes that Asia surpassed North America in 2009 as the world’s largest oil-consuming region. It says China will probably replace the U.S. in October as the largest oil-importing country.