| Abstract: | Comparison of data on world energy consumption for 1986, 1987 and 1988 indicates that the consumption of all forms of energy increased during the period, but the demand for oil increased at a lesser rate than that of other energy sources. Although the pattern varies between countries, the overall picture is one of increased use of natural gas, coal, nuclear and hydropower as an energy source. Part of the reason for the low growth in oil demand is the oil conservation measures put in place when oil was much more expensive, but may partly be due to the scepticism of many people about the future movement of oil prices. The likely continuation of a low growth market for oil has led some oil exporting countries to move downstream in an effort to secure a dependable market for their oil and oil products. |
