A New Geopolitical Jevons Paradox? A Look at Non-OECD Oil Demand
This is part 2 of my post on oil demand. This time I look at the Non-OECD demand and how it may impact global oil demand. Based on data from the 2009 BP Statistical Review, the OECD oil consumption in 2008 decreased by -3.2% while demand within emerging economies increased by +3.1%. The report also indicates that oil production from OECD countries has been declining since 1997 and is now below 23% of the world production.
November 13, 2009
Peak Demand or Peak Consumption? A Look at OECD Oil Demand
Standard economic principles have demonstrated that price is a function of supply and demand. The same is true for the recent oil prices fluctuations we have witnessed over the last few years, namely the equilibrium between supply and demand. However, the following conundrum has not been resolved: are oil prices high due to greater demand or too little supply?
November 11, 2009