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Developing nations poised to devour oil output later on

22 January 2009 09:24 (UTC +04:00)

Baku. Vahab Rzayev â€“ APA-Economics. Oil demand may never return to growth in the United States, Europe and parts of Asia, easing the strain on long-term supplies and prices as emerging countries burn ever more fuel.
The surge in oil to a record near $150 a barrel last year heightened concern the world will run out of crude and supply will start to dwindle â€” a theory known as â€œpeak oil.â€
Oil use in the industrialised countries that are members of the Organisation for Economic Co-operation and Development (OECD), such as the United States, Japan and western Europe may have peaked already, according to some analysts.
Barack Obama, taking office as the 44th US president, aims to greatly increase alternative energy production in the worldâ€™s top energy consumer.
The peaking of OECD demand will not choke off growth in oil consumption worldwide for the foreseeable future as emerging economies expand and billions of people seek to improve their living standards.
The merging markets are viewed as the main consumers afterward.