Emerging markets drive demand for oil

A neat graphic on The Economist website this week helps illustrate the rapid economic growth of emerging markets such as India & China. It breaks down the historical demand for oil from the key economies, highlighting the changes between 1980 and the latest forecasts for 2030 by the International Energy Agency. The oil market is a good example to use when illustrating the dynamics of changing supply and demand on market prices. And there is a good discussion to have with students about why an emerging economy such as China, Malaysia or India would experience such a significant increase in demand for oil (rapid industrialisation; wider car ownership etc)