Driven by the world’s economic growth, the global demand for oil rose in 2014, led by the developing and
emerging economies, particularly China, India, and countries in the Middle East. On the other hand, the oil
demand for the advanced economies dropped.
The International Energy Agency (IEA) reported in its January
2015 issue that the 2014 world oil demand had increased by 0.7% from the 2013 demand level, equivalent to
0.6 million barrels (bbl) per day, leading to the world’s total oil demand of 92.4 million bbl per day (Figure 2).