Fuel card news: Emerging economies 'altering oil markets'
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20 August, 10 The growing crude oil consumption of emerging economies is having a significant impact on global markets and is even altering seasonal trading patterns, a new report from the International Energy Agency (IEA) has suggested. According to the Financial Times, the Paris-based energy watchdog hinted that oil production could come under increasing strain over the next few years as it is forced to adapt to the unique needs of markets such as India, Brazil and China. "This emerging seasonality will probably raise new refining and logistical challenges," the IEA stated. "Given that non-OECD demand is now driving global growth, it is also starting to alter the world’s oil demand seasonality." The organisation suggested higher demand for oil in seasons previously regarded as off-peak may make it more difficult for crude stockpiles to be built up. Earlier this week, Emirates 24-7 reported that London's Centre for Global Energy Studies had warned oil prices are unlikely to experience significant falls, despite global economic concerns. Find out more about the Esso fuel card and start saving now. Posted by Matt Haskins  |
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