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Rising oil prices could imperil a modest increase in crude demand and the recovery of the global economy, the International Energy Agency said Thursday as it raised its outlook for oil demand this year.
OPEC on Wednesday cautioned that a sustained increase in oil prices above their current level could erode crude demand next year amid a shaky global economic recovery.
An international energy think tank says oil demand in developed countries likely peaked in 2005, well before the recession sent crude prices plummeting.
A rebounding global economy spurred on mainly by China and other developing nations is expected to boost world oil demand by slightly under 1 percent next year, OPEC said Tuesday while cautioning that the pace of recovery remains far from certain.
Faster economic growth next year, particularly in the developing world, will drive oil demand higher than previously expected, the International Energy Agency said Friday.
World oil demand is likely to grow by an average of 0.6 percent annually over the 2008-2014 period, the International Energy Agency forecast Monday, revising its mid-term expectations downward amid the global recession.
The International Energy Agency on Thursday forecast that the slump in global oil demand in 2009 would be slightly less severe than previously expected, the organization's first upward revision to its estimates in 10 months as economic indicators suggest the recession may be past its peak.
Oil consumption will this year fall at the sharpest pace since 1981 due to the crisis afflicting world economies, the International Energy Agency said Thursday as it made new cuts to its forecast for crude demand.
The International Energy Agency has lowered its estimate for global oil demand in 2009 after "much lower-than-expected" economic growth in the global economy.
OPEC on Tuesday forecast world oil demand will fall in 2009, offering the latest dire look at how the global financial meltdown was pummeling world economies and keeping crude prices at stubbornly low levels.
The International Energy Agency said Thursday that global oil demand will shrink this year for the first time in a quarter-century as rich nations fall into recession and growth slows in the developing world.
Demand for oil in the US tails off"US oil demand is weakening rapidly as the country slips into recession. Figures from the International Energy Agency this month showed November demand in the 50 continental states was about 18.5 million barrels per day, down nearly 10 per cent on a year ago.
Saudi Arabia's Leverage In Oil Market Is Sapped Saudi Arabia has now made clear that it may never increase its production capacity beyond 12.5 million barrels a day -- its target for the end of 2009 -- up from its current level of 11.4 million barrels a day.
US Says OPEC To Earn Almost $1 Trillion From Oil This YearNet oil export earnings from the Organization of the Petroleum Exporting Countries were forecast to soar 45 percent from last year's record $676 billion to $980 billion this year and then fall to $880 billion in 2009, when oil prices are expected to be lower, the Energy Informati …
China not a threat to world energyChina doesn't pose a threat to world energy security because it has depended mainly on domestic resources to power its economic and social development The government gave this assurance in its first white paper on energy, released by the State Council Information Office Wednesday.
Oil demand 'rising faster than expected'Folks we absolutely must get off of our oil habit! World oil demand is rising faster than previously expected while non-Opec supply is growing more slowly, the International Energy Agency has said in its latest monthly assessment of the market.
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