You know the old adage, it takes two to tango. In the global oil market, this means the dance between supply and demand. As analysts and commentators analyzed the recent OPEC agreement to cut global production by 1.2 million barrels per day (Mbd), supply-side dynamics captured the limelight of intrigue. But should supply always steal the show? Over the past decade, global oil consumption has been the consistent through-line that drives the world’s thirst for new supply. This year, world oil demand is expected to average over 100 Mbd, a symbolic benchmark that is more than 13 Mbd higher than it was a decade earlier. The Asia Pacific region represents most of this consumption increase, accounting for more than seven out of every 10 new barrels of demand since 2008. This increase is not only enormous, on a per-barrel basis it is also the fastest rate of oil demand […]