Oil demand in developing world will overtake industrialised countries for first time next year.

FT: …..”a tipping point in oil demand geography that will have profound implications for energy markets. Strong economic growth in Asia, the former Soviet Union and the Middle East has pushed up demand in these regions, while the eurozone and US remain weak, according to the latest report from the International Energy Agency. ….The IEA also said world oil demand would increase by 1m barrels a day next year, more than in the two preceding years. Global oil demand grew by 700,000 b/d in 2011 and is expected to increase by 800,000 b/d this year, so the forecast of 1m b/d for 2013 is “unmistakably an acceleration, albeit a very modest one”, the agency said in its closely watched monthly oil report. The increase will take total oil demand to 90.9m b/d.”