Petrobras CEO: Global Oil Demand To Grow Faster Than GDP
LONDON -(Dow Jones)- Global oil demand will keep growing faster than global gross domestic product, despite falling demand in the U.S. and Europe, said Jos? Sergio Gabrielli de Azevedo, Chief Executive of Petroleo Brasileiro SA (PBR) Tuesday.
This new trend is driven by the transformation in income distribution in developing countries, which is enabling higher energy consumption, said Gabrielli at the Oil and Money conference in London.
In Brazil in 2010, GDP grew by 7.3%, but total oil demand rose by 10.5%, he said. Gasoline demand rose by 19% in Brazil in 2010, he added.
A new feature of economic growth in developing economies is the increasing importance of domestic markets, said Gabrielli. This means that, "non-OECD countries will continue to grow even if we see a recession in developed countries," he said.
Copyright © 2011 Dow Jones Newswires
Read more: foxbusiness.com |
