Domestic Demand Strains Global Oil Market
It seems the global oil market isn’t immune to at least one law of nature: The apex predator has the most voracious appetite.The New York Times reports that the very oil-exporting countries that are experiencing remarkable domestic economic growth because of the global demand for oil may soon become victims of their own success. Experts say … several of the world’s most important suppliers may need to start importing oil within a decade to power all the new cars, houses and businesses they are buying and creating with their oil wealth. … The report [by Canada-based CIBC World Markets] said “soaring internal rates of oil consumption” in Russia, in Mexico and in member states of the Organization of the Petroleum Read More ›