“While we tend to have a Western-centric view of the world — and thus may end up with the impression that oil demand is declining — the truth is quite different.  Global oil consumption increased by an average of 900,000 bpd annually over the last decade, rising in 18 of the past 20 years. Demand did decline in member countries of the OECD — the grouping of the world’s developed countries. But demand growth in developing countries overwhelmed the declines in the developed world. In just the past five years, demand in developing countries has increased by an average of 1.6 million bpd annually — and just recently surpassed that in the developed world.”

http://www.investingdaily.com/23281/the-oil-patch-will-rise-again-2/

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