From the demand point of view, this is one of the most important factors impacting the demand for crude oil and therefore the price. China is the world’s largest consumer of oil. With a daily production of about 5 million barrels of crude, China still predominantly depends on oil imports to meet its demand. India is another country that has seen one of the fastest growths in oil consumption. Additionally, other economies like the EU nations and Japan are also net importers of oil. Since November 2014, there has been billions of dollars of wealth that has got transferred from oil producers to oil consumers. Oil demand is largely a function of economic growth. Higher economic growth means higher incomes and that means more demand for cars. This is one of the key drivers of oil demand and oil prices. In fact, one of the key reasons for the weak oil prices in the last few years has been that the global oil market has been oversupplied and demand has failed to keep pace due to weak economic growth.