Seeking Alpha
Profile| Send Message|
( followers)  

This year for the first time the collective oil appetite of emerging markets -- many of which don't pay the market price for oil -- will exceed that of the U.S. It is striking stuff, as evidenced by the following figure (click here to enlarge):

Among other points of the piece is that, as a result, while recent recessions have produced double-digit percentage decreases in oil demand, this one will be different. It is, pace my friend economist Jeff Rubin at CIBC, more likely we are headed through $120 oil on our way to $150.

Interesting stuff.

[via Bloomberg]

Source: Emerging Markets' Oil Appetite to Exceed U.S. This Year