Nice data from the EIA showing petroleum consumption by region. This, in part, explains why the stock rallies are starting to sputter in Korea and India, both heavily exposed to oil prices.
Bloomberg reports that “in 2011, Japan, South Korea, India and China accounted for 60 per cent of Iran’s oil sales.” The Iranian crisis and oil spike has the potential to create some very big challenges to the world’s geopolitical structure.
The Shanghai and Nikkei are dancing to the beat of a different drummer at the moment — monetary relief rallies and, in the case of Japan, a weaker yen.
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