Crude oil demand to jump in 2008 |
| Financial Times - Dec 14, 2007 |
Crude oil demand growth will jump by 2.1m barrels a day in 2008 as strong Middle East consumption will offset the US economic slowdown and the impact of record prices, the International Energy Agency said on Friday.
The revised forecast is about 200,000 b/d higher than last month’s IEA estimate of a growth of 1.9m b/d and it is significantly higher than the Organisation of the Petroleum Exporting Countries own calculations of a growth of just 1.3m b/d.
Opec, the oil cartel which controls 40 per cent of the world’s oil supply, last week in a meeting in Abu Dhabi rejected an official increase in its production ceiling warning that demand could be lower than forecast because the impact of the credit squeeze.
Read Full Article from Financial Times
- Posted: 2007-12-14 08:27:08
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