Commodidex

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====== OECD ======

Organisation for Economic Co-operation and Development (OECD). (Note: OECD is a group of 30 developed economies including the US, Japan, and most of Europe.) [(:ref:fisher_investments_energy)]

==== Non-OECD Nations ====

While oil consumption has been virtually flat in the US and the developed world over the last several years, <wrap hi>oil consumption in non-OECD countries has been rising steadily</wrap>. Thus, a <wrap hi>significant contraction in economic growth in non-OECD nations would likely have the largest effect on oil demand growth</wrap> in future years. [(:ref:fisher_investments_energy)]

Meanwhile, oil demand in developing economies (non-OECD
nations) is growing rapidly.

Because OECD oil consumption has remained about constant in recent years (and likely won ’ t change significantly year-over-year), non-OECD oil consumption may be an even larger determinant of future prices, warranting close observation. [(:ref:fisher_investments_energy)]