Oil demand 'rising in the East'

Asia rising: in the oil market

REUTERS

related stories

Steve Marshall

 12 December 2012 10:44 GMT

IEA sees structural shift in global market to Asia as European demand slumps, while US rises as export force

The global oil market is seeing a major structural shift with demand increasingly moving east amid a slump in European consumption, while the US has risen to become the world’s second-largest crude exporter due to the shale boom, according to the International Energy Agency (IEA).

Demand from European countries in the OECD plummeted in the third quarter by 895,000 barrels per day to 13.8 million bpd – the steepest decline since the 2008 financial crisis – but was partly offset by “robust” demand growth from Asia, the agency said in its monthly report.

However, oil prices have remained at high levels and…

Become an Upstream member!

Membership includes a subscription to our weekly newspaper providing in-depth news from the energy industry, plus full-access to this site and its archives. Still not convinced? Try our free trial.

Already a member?

Login

Upstream share price index