Whatever happened to oil demand destruction?
10 July 2019 | by Tom Traill
Why didn’t the surge in oil prices in 2017-18 result in a noticeable cutback in oil consumption? The Brent price surged from US$45 in June 2017 to US$85 in early October last year, but world oil consumption rose 1.3 per cent in 2017 and 1.2 per cent in 2018. Small decreases in European, EMEA and Latin American demand were offset by strong growth in Asia Pacific and North America last year...Read more