Global appetite for oil to drive price to $100 US by 2008: CIBC

A growing appetite for oil in the developing world and a seemingly unquenchable thirst for it in most developed countries will push prices to $80 US a barrel this year, and to $100 US by the end of 2008, a new report predicts.

Triple-digit prices will be driven by major oil-producing countries in the developing world starting to consume more of their own declining supplies of oil, according to the report released Wednesday by CIBC World Markets. This would cut into their exports, possibly by as much as 2.5 million barrels a day between now and the end of the decade, the report added.

FinancialPost