Cautious outlook from oil experts at industry event

A sharp increase in oil demand from non-OECD countries will compensate for peaking demand in OECD area

oil drum

Global oil experts say oil demand has peaked in the Organisation for Economic Co-operation and Development (OECD) countries but forecast a sharp increase in demand from non-OECD regions in the post-recession climate.
“Demand for oil from the non-OECD countries is set to overtake demand from OECD countries, which will remain under pressure for a number of years,” said Jean-Baptiste Renard, BP’s head of Europe and South African regions at energy news and pricing agency Platts’ crude oil markets

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