North America and Europe are consuming less oil, but worldwide demand is still rising despite increasing prices.
The International Energy Agency came out with its monthly report yesterday and, in some ways, it's business as usual. Demand in Western economies for oil dropped by about 190,000 barrels a day, bringing daily consumption down to 49.3 million barrels. Demand in China, India, and other developing nations, however, rose by 120,000 barrels a day to 38.3 million barrels a day.
In all, that comes to 87.5 million barrels a day of oil being consumed worldwide--close to … Read more