News Release Details
IEA expects stronger oil demand in 2008
New Delhi 14-Jul-2007
LONDON: World oil demand will grow more quickly in 2008, though higher production and refinery capacity should ease pressure on supply, the International Energy Agency (IEA) said on today, hi its Monthly Oil Market Report, the adviser to 26 industrialised countries said demand will rise by an average 2.2 million barrels a day in 2008, up from this year's expansion of 1.53 million bpd. The outlook comes as oil prices are trading above $76 a barrel, closing in on a record high near $79, on concern of a tightening market. Next year's supply and demand balance should be more comfortable, the IEA said. "We see a slightly easier situation in several ways," said. IEA Oil Industry and Markets Division head Lawrence Eagles. "Total crude and liquids growth is in excess of demand growth." AP,
New Delhi 14-Jul-2007
LONDON: World oil demand will grow more quickly in 2008, though higher production and refinery capacity should ease pressure on supply, the International Energy Agency (IEA) said on today, hi its Monthly Oil Market Report, the adviser to 26 industrialised countries said demand will rise by an average 2.2 million barrels a day in 2008, up from this year's expansion of 1.53 million bpd. The outlook comes as oil prices are trading above $76 a barrel, closing in on a record high near $79, on concern of a tightening market. Next year's supply and demand balance should be more comfortable, the IEA said. "We see a slightly easier situation in several ways," said. IEA Oil Industry and Markets Division head Lawrence Eagles. "Total crude and liquids growth is in excess of demand growth." AP,