Ever Fewer Wealthy, Ever More Poor, Projected To Equal Ever More Demand?!?
Wealthier half of the world population (with incomes of $4k+) consumes 90% of total energy and oil.
The under 65yr/old population of the wealthier nations begins declining (depopulating) in 2023, declining in excess of 10 million annually by 2035.
Despite the imminent decline in working age / consumer age populations of wealthier nations, total global energy and oil consumption are projected to continue rising on growth among the poor.
First chart is the 0 to 65 year old population of the worlds nations that have in excess of $4,000 annual gross national income per capita or average of $16k per capita (solid blue line) and their total energy consumption (dashed blue line). This is versus the worlds nations with annual gross national income per capita below $4,000 or average of $1.6k per capita (solid red line) and their total energy consumption (dashed red line).
Same variables as above but showing the annual change in the nations with $4k+ and annual change in population under $4k...again versus their total energy consumptions. Population data includes anticipated ongoing immigration to the wealthier nations away from poorer nations at present rates...absent this, the wealthy nation depopulation begins sooner and is even more significant.
Global oil consumption with EIA projection through 2040 (black line), annual wealthier under 65 year old population growth (blue columns), annual poorer under 65 year old population growth (red columns), plus Federal Reserve set federal funds rate (yellow line).
Finally, just two variables - the change per five years of the 0 to 65 year old wealthier (blue columns) and poorer (red columns) nations populations versus change per five years of global oil consumption (black line). As the population of nations that consumes 90% of oil globally begins declining and growth among the poorer nations decelerates, oil consumption is projected to continue increasing?!?
Despite population growth driving up to half of GDP growth and the poorer nations reliant on growth among wealthier nations for their own growth...despite present near zero, zero, and negative interest rates to accommodate massive debt loads...somehow depopulation amidst the heavily indebted nations that consumer of 90% of global energy (coupled with conservation and innovation) is projected to be offset and outweighed by demand growth among the consumers of 10% of global energy?!?. Go figure.
Total energy and oil consumption data via EIA International Energy Outlook 2016 and population data via UN World Population Prospects 2019.