Developing world oil demand surpasses wealthy nations: EIA

Oil demand in developing countries surpassed that of wealthy nations for the first time ever in April, a US report revealed on Tuesday, in the latest demonstration of how rapid growth in Asia has upended trade and increased competition for resources.

Led by surging growth in China, oil demand outside the wealthy nations’ club of the Organization of Economic Cooperation and Development (OECD) has jumped by almost 50 per cent in the last decade, hitting 44.5 million bpd in April, the US Energy Information Administration (EIA) said.

via Business feed http://www.scmp.com/business/commodities/article/1259073/developing-world-oil-demand-surpasses-wealthy-nations-eia