Emerging Markets' Oil Appetite Exceeds U.S.
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:
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]
[Update] And more figure, this time via the fine folks at BCA. This one shows the moonshot of Chinese oil demand:
