Global oil demand to step up in 2007 despite higher prices

Despite high prices, global oil demand growth has been maintained in recent years and appears to be stepping up this year albeit from constrained 2006 levels, according to petroleum trader and refiner the Vitol Group.

“Recent U.S. demand has been supported by a relatively cold or prolonged winter heating season and a sustained pick-up in gasoline consumption,” Vitol president and chief executive Ian Taylor told the 12th Annual Asia Oil and Gas Conference (AOGC) 2007 here Tuesday.

“In China, India and West Asia, rapid economic development and below market retail prices in certain countries have supported strong oil demand growth,” said Taylor in his paper on major highlights of the oil trading market in 2007.

DailyExpress