US demand for oil grew by more than China’s last year for the first time since 1999, according to the International Energy Agency, giving the strongest indication of how abundant energy supplies are driving an economic resurgence in the US.
The IEA – whose forecasts are the benchmark for the energy sector – said US oil demand grew by 390,000 barrels a day last year, or 2 per cent, reversing years of steady decline. Chinese demand grew by 295,000 b/d, the weakest in at least six years.
Oil demand figures are closely followed as indicators of economic growth, because use of fuels such as petrol and diesel indicate the strength of industrial and consumer activity.
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