Oil and gas demand balance shifts

Jun 11 2009 4:03PM

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Demand for oil has shifted away from Organisation for Economic Co-operation and Development (OECD) countries towards emerging markets, according to new figures.

Data published by BP revealed that China leapfrog all the OECD nations to become the biggest consumer of primary energy during 2008.

According to Tony Hayward, the firm's chief executive, this is not just a short-term shift.

"This is not a temporary phenomenon but one that I believe will only increase still more over time. It will continue to affect prices and bring with it new challenges over economic growth, energy security and climate change," he said.

Although the change will bring volatility in the short term, modern energy markets will ensure that energy supplies continue to reach consumers "efficiently and without interruption".

Recently, ABC reported that Deloitte is concerned that the oil and gas sector could face a major skills shortage in the near future because of an ageing workforce. ADNFCR-1942-ID-19214838-ADNFCR

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