International Energy Agency(IEA) has released a report called "World Energy Outlook 2014," showing that China will surpass America to become the largest oil consumer in 2030.
IEA also predicts that demand for oil by volume will exceed a billion barrels daily by 2040. The Middle East is expected to maintain its status regionally as the main provider for crude oil.
By 2040, China, Russia and Brazil, three major emerging economies, are expected to reach cyclical peaks.
And India, Sub-Saharan Africa and South East Asia will become major powers fuelling demand.
Basic energy demand is predicted to increase by 37 percent, compared to the current level, putting considerable pressure on the resource.
For more on the World Energy Outlook 2014 ,we are speaking live with with Zhang Haiyun, a professor of finance from the University of International Business and Economics.
