Global oil demand to rise in 2008

Global demand for oil will increase significantly next year, according to the International Energy Agency (IEA), putting further pressure on prices.

In its monthly study of market trends, the IEA said demand would rise by an average of 2.2 million barrels a day next year, up from 1.5 million in 2007.

But it expects Opec members to lift output to cover the surge in demand.

Oil prices have surged in recent weeks, topping $76 a barrel, on supply worries and violence in oil-rich Nigeria.

Read Full Article from BBC News

- Posted: 2007-07-13 10:31:27

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