Global oil demand to grow in 2008

World oil demand will grow more quickly in 2008, although higher production and refinery capacity should ease pressure on supply, the International Energy Agency (IEA) said today.

In its monthly report, the adviser to 26 industrialised countries said demand will rise by an average 2.2 million barrels per day (bpd) 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.

IrishTimes