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Oil demand is set to soar

13 April 2012

THE RISE in global oil demand looks set to be the steepest since 1980 this year as the US and China continue to guzzle crude.

The International Energy Agency has revised upwards its demand forecasts for the second time in two months in a fresh sign that high oil prices could be here to stay.

Brent crude dropped to six-week lows yesterday but prices are still way above $30 a barrel and threatening to halt the global economic recovery. Brent today was down 16 cents at $35.20.

The IEA predicts in its influential Oil Market Report that oil demand will this year rise by 2.3m barrels a day to 81.1m, 470,000 higher than its forecast last month.

Opec last week raised its quota to 25.5m barrels a day in a bid to bring prices under control. The IEA said supply across Opec's member states was 28.3m a day in May.

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