Emerging economies have upended the long-standing pattern of global oil consumption, according to the west’s energy watchdog, in a further sign of how countries such as China and India are transforming commodities markets.
The International Energy Agency estimates oil demand was higher this year during the second quarter for the first time, at about 86.6m barrels a day, ahead of the traditional peak winter season of January-March, at 86.0m b/d.
The traditional seasonal pattern had usually pushed up oil prices during the northern hemisphere winter, before warmer temperatures cut consumption.
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