Oil price and demand to rise

The IEA forecast yesterday that the oil price, excluding inflation, would be $100 a barrel in 2020 and $115 in 2030, saying oil demand would rise by one per cent per year.

Global demand would rise from 85 million barrels per day (bpd) last year to 105 bpd in 2030, assuming that forthcoming negotiations on global warming in Copenhagen did not result in immediate big changes in energy policies, the International Energy Agency (IEA) said.

The average oil price this year would be about $60? per barrel against a background of weak economic activity.

The price would then rise with economic recovery to $115 a barrel in 20 years’ time in constant dollar valuations, meaning after stripping out the effect of inflation, the IEA said.

Meanwhile, the secretary-general of OPEC, Abdullah Al Badri, said yesterday that global oil demand would grow 700,000 bpd next year.

China and India will lead global economic growth next year, with the producer group forecasting world GDP growth at 2.7 per cent next year, up from an earlier forecast of 2.3 per cent in July, he said in a speech delivered on his behalf .

OPEC’s director of energy research Hasan Qabazard said separately yesterday the group also sees signs of oil demand in the US.

“There are signs that overall global demand contraction will ease in the fourth-quarter,” Al Badri said. “The consensus is that oil demand growth
will return after two full years of contraction.”

Oil demand growth will gradually rise to 1.2 million bpd by 2013, he said. ?

“Most of this demand growth will again be in non-OECD countries, with transportation, industrial and petrochemicals leading the way,” Al Badri added.

Categorized | Business News

Tags : botswana, cites, energy-policies, finance, global-economic, global-warming, international, jobs, leading-the-way, million-barrels, obama, producer-group, robert-zoellick, said-yesterday, singapore

LATEST NEWS HEADLINES

• Fox Star Studios organises trade summit in India
• Preity Zinta goes for dinner with Serena Williams
• Siddharth Malhotra’s next is father-daughter story featuring Rishi Kapoor
• "Whenever Sajid Khan will direct Akshay, I’ll produce" - Sajid Nadiadwala
• The Film Emotional Atyachar gets clearance from HC to retain title

ALSO IN THE NEWS

Months after his release from a federal prison the rapper T.I. was arrested Wednesday night with his wife in Los Angeles on drug charges, The Associated Press reported. T.I., whose given name is Clifford Harris, was arrested at a traffic stop in West Hollywood and accused of possession of a controlled substance

MORE STORIES

• Dare County Nc Updates
• Onslow County Schools
• Auto sales flat in Canada, stall in US
• Impressive Earl intensifying, turning up coast
• Discovery gunman shot dead; 3 hostages safe
• Apple’s ‘Ping’ the last nail in the coffin for MySpace

Metrolife

Health News

MORE NEWS HEADLINES

• ‘Dancing With the Stars’ Season 11 Cast Revealed
• Tony Blair on Gordon Brown: in quotes
• Paris Hilton arrested on cocaine charge
• Number of illegal immigrants in US now declining
• James Jay Lee Latest News
• The first promo of ‘Golmaal 3′ is sure to create a dhamaaka