Meanwhile, oil consumption stands to increase with the rapid demand growth from the developing world, driving prices up a lot.

FORBES: A Shield Against The Next Oil Shock

For too long, there has been a presumption that an increase in demand for energy services must lead to an increase in energy consumption.

ECONOMIST: China and trade

The bottom line for demand: Global consumption of oil and liquid fuels should increase by about 1.3 million barrels a day in the third quarter from the first quarter, according to the U.S. Energy Information Administration.

WSJ: Rising Demand for Oil Spells More Price Pain

But with demand for energy growing year on year, consumption of coal continues to increase.

BBC: China's coal conundrum as smog worsens

India's large population means that even a small increase in coffee consumption by individuals can affect global supply and demand for the commodity.

WSJ: India's Taste for Coffee to Affect Bean Prices

Cigarette consumption can be expected to fall as prices rise, but revenues still increase because demand for cigarettes is relatively inelastic.

ECONOMIST: Kicking the habit | The

"The recent events are likely to magnify the decrease in prices as consumption levels will decline, resulting in a drop in demand for retail space and an increase in unemployment, " Mr. Loizou said.

WSJ: A Bright Spot in Cyprus

If electricity demand grows by 1.5% a year on top of that, gas consumption would increase another 2.5TCF a year.

FORBES: Frack Gas Not Likely To Displace King Coal, Study Suggests