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The bigger picture is that in each of the last four years, the annual rise in oil production due to shale and tar sands combined had been totally blown away by the increase in oil demand from the rest of the world — not least the fast-growing, oil-thirsty emerging markets. Such nations are now growing slower than they were, but the IMF predicts they’re still on course to expand on average by 5pc or more over the next two years. All that smelting, building, driving and consuming needs an awful lot of oil.