Oil demand will continue to grow as emerging markets propel demand. AIA Weekly Report 1.27.24

I remain bullish on worldwide oil demand growth as emerging market demand will drive demand. The average US consumer uses 22 barrels per year. The average Indian uses 4 barrels per year. The average African uses even less. Don't forget depletion of 5-7% per year.

We will have periods of cycle demand weakness, but overall, we will need more oil over time.