World oil demand grew by just 843,000 barrels per day (bpd) last year, the slowest pace for 14 years, outside U.S. recessions. Consumption increased by less than 1 percent to 92.1 million bpd in 2014, according to the BP Statistical Review of World Energy published on Wednesday ( link.reuters.com/hus84w ). Demand in the advanced economies of North America, Europe and Asia has been declining for nine years and is now down by 5 million bpd since 2005. Over the same period, however, consumption in non-OECD economies has risen by almost 12.7 million bpd, according to BP. For the last decade, the non-OECD has absorbed all the growth in supply. In 2013 and 2014 emerging economies consumed more oil than the advanced economies for the first time. But last year the continued slide in OECD consumption (-475,000 bpd) was offset by relatively tepid growth in the non-OECD (+1.3 million […]