Oil's Pattern of Drawdowns
June 7, 2023
Much of the developed world consumes more than 15 barrels of oil per capita annually; the U.S. consumes 21 barrels per person, while China, India, and Indonesia consume only three, one and two barrels per capita, respectively. Africa, the continent with the fastest growing population on Earth, currently consumes less than one barrel per capita. Non-OECD countries comprise almost the entirety of oil demand growth, and have shown less willingness to pursue higher cost and less reliable energy sources in lieu of traditional sources to fuel their continued economic development. Oil demand will likely to continue to grow.
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