Wednesday, April 14, 2010

IEA: World oil demand to hit record high this year/NVDL: No it won't

SHOOT: Why won't oil demand reach a peak? Because the economy, and economic reality won't let it. I think we'll see the beginning of a recovery and 'business as usual', but reality will set in as defaults [this is soveriegn, national defaults, not just banks] weigh in, and of course energy prices themselves from here on out are poised to kill demand. Demand destruction is the same thing as wiping out the middle class, a symptom of Permament Contraction which is of course a manifestation of Peak Oil.
clipped from
File photo of a CNOOC oil rig in China's Bohai Sea.

LONDON (Reuters) –
Global oil demand will hit a record high this year, the International Energy Agency (IEA) said on Tuesday, revising up consumption estimates as the world economy recovers from recession.

The Paris-based adviser to industrialized economies raised its forecast for world oil demand growth this year to 1.67 million barrels per day (bpd), up 100,000 bpd.

The agency said in its monthly Oil Market Report that world oil demand would reach an average of 86.60 million bpd this year, up from 84.93 million in 2009.

The previous record high for world oil demand was 86.5 million bpd in 2007 before the onset of the global financial crisis and economic slowdown.

"There are signs of oil demand picking up in North America and the Pacific, Asia and the Middle East although consumption in Europe still looks weak," David Fyfe, head of the IEA's Oil Industry and Markets Division, told Reuters.

 blog it

No comments: