Stat of the day: 1.5%

The predicted global oil demand growth this year, down from 3.3% in 2010.

by Michael Northcott
Last Updated: 13 May 2011

With post-recession gloom and spiralling oil prices, the commodities markets are suffering a blow to levels of demand. If the prices (which fell dramatically yesterday) stay where they are, though, there's a good chance people will start filling their cars again.

During 2011, US demand alone is expected to fall by 194,000 barrels per day, while demand in the OECD’s richest countries collectively will drop by 2.8%. People in the West will simply be less willing to fork our for the petrol in their cars - especially in the UK, where we have some of the most expensive fuel around.

Add to that George Osborne’s policy of nabbing some cash from North-Sea oil producers, and suddenly, traffic might become less of a problem...


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