In this chart there is a strong relationship between GDP growth rates and growth in oil consumption in non-OECD countries. Since 2001, oil consumption in non-OECD countries declined only in the fourth quarter of 2008 and the first quarter of 2009. Increased demand pressure due to economic growth overwhelmed any downward pressure on oil consumption due to higher prices.
Rising oil consumption reflects rapid economic growth in these countries. Current and expected levels of economic growth heavily influence global oil demand and oil prices. Commercial and personal transportation activities, in particular, require large amounts of oil and are directly tied to economic conditions. Many manufacturing processes consume oil as fuel or use it as feedstock, and in some non-OECD countries, oil remains an important fuel for power generation. Because of these uses, oil prices tend to rise when economic activity and in turn oil demand is growing strongly. Many non-OECD countries are also experiencing rapid growth in population, which is an additional factor supporting strong oil consumption growth.