Global demand may average 84 million barrels a day in 2005, while daily production in January was only 83.6 million barrels, according to the International Energy Agency. Oil prices have risen 11 per cent in the past three weeks in New York on growing concern that OPEC and other exporters will fail to keep up with demand this year.
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Crude Oil To Be More Expensive
Crude oil prices may rise even more from their four-month high
Crude oil prices may rise even more from their four-month high due to concerns that production will fail to meet growing demand, according to a Bloomberg survey shows.
Twenty-eight of 54 respondents, or 52 per cent, predicted oil prices will climb next week. Thirteen, or 25 per cent, said prices will fall and another 13 forecast little change. A week ago, 44 per cent of respondents said prices would rise. Fourteen of the last 21 surveys correctly predicted the market's direction.
Global demand may average 84 million barrels a day in 2005, while daily production in January was only 83.6 million barrels, according to the International Energy Agency. Oil prices have risen 11 per cent in the past three weeks in New York on growing concern that OPEC and other exporters will fail to keep up with demand this year.
Global demand may average 84 million barrels a day in 2005, while daily production in January was only 83.6 million barrels, according to the International Energy Agency. Oil prices have risen 11 per cent in the past three weeks in New York on growing concern that OPEC and other exporters will fail to keep up with demand this year.
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