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OIL NEWS * France - IEA Lowers Oil Demand Forecast
European Truckers Step Up Protests
Paris,France -The Associated Press/ Transport Topics (USA) -10 June 2008: -- The International Energy Agency lowered its forecast for global oil demand this year, while thousands of European truckers protested high fuel prices... The IEA said continued high global demand for oil is sending markets surging... “Supply growth so far this year has been poor and higher prices are needed to choke off demand to balance the market,” the group said in its monthly report... The agency said global oil demand would grow 0.9%, or 800,000 barrels a day this year, down from an earlier forecast of 1.2%, or 1 million barrels...
* Soaring demand and limited supply prospects was creating “ground for speculation”
Paris,France -Dow Jones (NY,USA) -26 May 2008: -- IEA Chief Economist Fatih Birol is quoted as saying that current oil prices which rose to above USD 135 last week, were “bad news" and "Too high for producers and consumers". The combination of soaring demand and limited supply prospects was "creating ground for speculation”... He added that the industry was not investing enough to account for declining production in older fields and that consumer countries had to take steps to tame demand by boosting fuel efficiency and lifting fuel subsidies...
Labels: oil news worldwide
posted by Unknown @ 6:03 AM
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