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.) 1)
While oil consumption has been virtually flat in the US and the developed world over the last several years, oil consumption in non-OECD countries has been rising steadily. Thus, a significant contraction in economic growth in non-OECD nations would likely have the largest effect on oil demand growth in future years. 2)
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. 3)