BP chief economist: Emerging countries will spur oil demand recovery

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Speaking at International Petroleum Week in London, Christof Ruehl, chief economist at BP, predicted a long-term recovery in global oil demand next year, fuelled by the industrialisation of China and India. Ruehl also predicted that the oil price will remain flat in the short term and the oil market will see a synchronisation with the economic recovery in the medium term. According to Ruehl, demand will switch from the Organisation for Economic Co-operation and Development (OECD) countries to