Oil Demand in Developed Nations Peaked in 2005, and It’s Not Coming Back
Demand for oil in the world’s 30 developed countries probably peaked in 2005 — long before the recession — and will continue to fall even as the economy recovers, according to a report released Tuesday from consulting firm, IHS Cambridge Energy Research Associates. To put that in perspective, consider this: The 30 developed countries that make up the Organization for Economic Cooperation and Development accounts for 54 percent of all oil demand. Global oil demand is still expected to rise in 2010. But it will be emerging countries, like China, that will drive the oil consumption engine, not developed countries like the United States. Oil demand is expected to increase from 83.8 million barrels a day in 2009 to 89.1 mbd in 2014, according to…
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