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⁾