OIL HAS BECOME queen of the fossil fuels, surpassing 'king coal' in 1968. Although turbulent oil markets and rival fuelscoal, gas and electricityhave prevented it from reaching the ascendancy coal had for decades, nevertheless it has been, and remains, the most important primary global energy source, with more than 30 per cent of the world market. With stable and secure markets, its ease of transport and flexibility in use should cause it to remain among the most important of the primary energy sources. However, stable and secure markets require that capacity grows in line with market demand, which requires that producers understand oil market demand.The largest potential oil market, but the one we know the least about, is the developing world. This has more than three-quarters of the world's population, but less than 25 per cent of global oil demand. Since its economies are among the most dynamic in the world, a better understanding of its oil consumption patterns will be useful in providing the necessary investment in production, transportation and refineries to meet its growing needs.This paper seeks to provide a better understanding of oil demand in the developing world by surveying the existing econometric work on total oil demand in section 1, and oil demand by major sectorindustrial. residential, commercial and transportationin section 2. The conclusions are contained in section 3.
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