World Demand Swings: Not Above
2 MMB/D Since 1970’s & Recently Driven by Non-OECD
Recent Growth Slowed
Source: EIA; MMB/D – Million barrels per day
SThis graph shows annual changes in demand.  First, note that year-to-year changes in demand have generally been increasing since 1985.  The volumes have varied from as low as 0.1 million barrels per day (MMB/D) in 1992 and 1993 to as high as 1.9 in 1999, and averaging about 1.5% growth rate.

SMore recently, since 2000, growth has been about 1.3%, with volume increases around 1 MMB/D, except for the dip in 2002.   Volume increases were slightly lower than seen in the later part of the 1990’s.

SAlso note that in recent years, non-OECD countries seem to be driving demand growth.