The International Energy Agency has reported that emerging markets will consume more crude oil this year than the United States. This is the first time this has ever happened, says the Paris based agency. With a combined population of 2.45 billion people in China and India and an 8 percent growth in their economies car ownership and their demand for oil is on the rise. Russia and the Middle East are also among these emerging markets that are estimated to grow 4.4 percent and consume 20.67 million barrels a day compared to the U.S.'s estimated consumption of 20.38 million barrels a day. Consequently, crude oil prices will likely remain high at an average of $120 a barrel, topping $150 by the end of the decade, regardless of the U.S. economic downturn. [Source: Bloomberg]
Move Over America
The International Energy Agency has reported that emerging markets will consume more crude oil this year than the United States. This is the first time this has ever happened, says the Paris based agency. With a combined population of 2.45 billion people in China and India and an 8 percent growth in their economies car ownership and their demand for oil is on the rise. Russia and the Middle East are also among these emerging markets that are estimated to grow 4.4 percent and consume 20.67 million barrels a day compared to the U.S.'s estimated consumption of 20.38 million barrels a day. Consequently, crude oil prices will likely remain high at an average of $120 a barrel, topping $150 by the end of the decade, regardless of the U.S. economic downturn. [Source: Bloomberg]
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