Advanced economies are "giving up" their share of the world's oil...
GLOBAL oil supply is now a zero-sum game, writes Gregor Macdonald.
So in order for the five billion people in the non-OECD to consume more oil they need a donation from us, here in the OECD. And as you can see, we are "happily" (recession, unemployment, lack of growth) giving up these energy sources as best we can.
The accounting you see here includes not only crude oil, but all other liquids from biofuels to natural gas liquids. And, with total global consumption of all liquids running at approximately 88mbpd (million barrels per day), the OECD is about to cede another threshold to the developing world, as we slip below the 50% mark of total global consumption.
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