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Abstract
In 1973 the OECD required about 0.5 tonnes of oil for the production of $1000 of output. Ten years after, in 1983, for the production of output, the requirements for oil had dropped to slightly over 0.3 tonnes. This dramatic decline in the oil intensity of the OECD economy has led to a new era of oil oversupply, marked by soft oil prices and uncertainty about the future market for petroleum products.
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