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ENI sees energy sector recovery

Nov. 1, 2011 at 8:17 AM   |   Comments

MILAN, Italy, Nov. 1 (UPI) -- The United States and China led the way in increased oil demand in the wake of the global economic recession, Italian energy company ENI said.

ENI, in its 10th annual world oil and gas review, said world oil production was up 2.3 percent in 2010 compared with the previous year. Output from Europe, however, plummeted more than 8 percent because many of its major oil fields are in decline.

Following the global recession, ENI said oil demand in 2010 rose 3.4 percent -- around 87.9 million barrels per day -- compared with 2009. Growth was attributed largely to countries outside the 34-member Organization for Economic Cooperation and Development.

The United States was the primary oil consumer followed closely by China, which saw oil demand spike 12 percent in 2010 compared to the previous year.

Members of the Organization of the Petroleum Exporting Countries accounted for 40 percent of global oil production. Middle East reserves, ENI found, accounted for more than 50 percent of the world's oil reserves.

In terms of natural gas, ENI found Russia led the way with more than 2.2 trillion cubic feet of gas production in 2010, though the United States made significant gains because of its rich shale gas deposits.

Gas consumption in 2010 grew, on average, 7 percent, ENI found.

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