Mumbai: Outpacing the oil demand from the wealthy league under the Organization of Economic Cooperation and Development (OECD) bracket, the developing nations has marked an almost 50% jump in the last decade. The information was disclosed through a latest report released by the US Energy Information Administration (EIA), wherein China led the surging growth in the oil demand.
“Oil demand in developing countries was higher than consumption in OECD countries for the first time in the history. Non-OECD Asia, especially china is a leading contributor to the projected global consumption growth,” stated the EIA report.
EIA further states that the changing patterns in global oil demand as a major cause behind the countries including China to enter into a new strategic and economic alliances. Moreover, EIA suggests the constant high prices and environmental concerns as a major cause behind fall in the oil demand among the OECD nations.
The report further disclosed that output in the non-OPEC (Organization of Petroleum Exporting Countries) is also showing a rapid increase this year, recording a growth of almost 1.2 million bpd to 53.91 million bpd.
EPC World News Bureau
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