Skip to: Content
Skip to: Site Navigation
Skip to: Search

December 2, 2008 5:51:14 AM CST

Learn about Newser Points »

« Back to the grid | Next story »

Agency Cuts Oil-Demand Forecast

Posted Apr 11, 08 10:21 AM CDT in World,  Business 

(Newser) – The projected growth in the demand for oil worldwide is at its lowest level since the Sept. 11 terrorist attacks, but don't expect any any price relief, reports the Wall Street Journal. The IEA pegs projected growth at 1.3 million barrels a day, down 35% from its projection in  January. But even though the US and Europe will use less, booming nations such as India and China need more, which means OPEC can hold prices steady.

Source Wall Street Journal

0 comments | Print E-mail | Digg Seed this on Newsvine Add this link to Del.icio.us StumbleUpon

Related Newser Stories

  • Oil Dips Below $60 a Barrel

    Nov 6, 08 8:26 PM CST
    Oil prices dipped below $60 a barrel tonight for the first time in about a year and a half, as a growing number of economic reports point to a long and painful recession. Light, sweet crude for December delivery fell to $59.97 in New York trading, the lowest level since March 2007, before ticking back up to $60.27. More »

  • OPEC Head Warns Oil Could Hit $200 a Barrel

    Apr 29, 08 5:26 AM CDT
    OPEC Head Warns Oil Could Hit $200 a Barrel The president of the oil-producing cartel OPEC has warned that the price of the black gold could spike as high as $200 a barrel. As crude hovered just below the $120 barrier, Chakib Khelil told an Algerian newspaper that disruptions in production in Britain and Nigeria, coupled with a weak dollar and investor speculation, will keep prices rising. More »

  • Oil Expected to Stay Above $100 This Year

    Apr 9, 08 6:43 AM CDT
    Oil Expected to Stay Above $100 This Year A barrel of crude could end up averaging more than $100 this year, federal handicappers are predicting, just weeks after the triple-digit mark seemed like a troublesome anomaly. OPEC’s parsimony with its reserves, spiking demand worldwide and a dwindling supply outside the Middle East are conspiring to squeeze rates—and last month’s record close of $110.33 might not be the worst of it. More »

  • Oil Gushes to Record $105.96

    Mar 6, 08 8:32 AM CST
    Oil Gushes to Record $105.96 An ever-weakening dollar, an unexpected drop in US crude oil reserves, and a Wednesday OPEC decision not to boost production helped spur oil to a record $105.96 a barrel, Bloomberg reports. It's the third record this week, and the dollar’s $1.5345 against the euro is the lowest level its reached since the euro was introduced in 1999. More »

  • Oil Insanity Pinned to Speculators

    Feb 28, 08 5:54 PM CST
    Oil Insanity Pinned to Speculators Crude-oil prices have doubled in recent months, a development not linked to fundamental supply and demand—but rather, observers tell Der Spiegel, to rampant speculation among investors looking for a stable buck. The prospect of recession would typically drive prices down, but analysts say a decade-old oil investment rush by pension funds and big banks has made the market volatile and distorted. More »

Mike Simmons turns a flange at an oil well in Signal Hill, Calif., The IEA says world oil demand is falling.   (AP Photo/Reed Saxon)
A pumpjack works outside Glenrock, Wyo. The IEA says demand for oil worldwide is falling.   (AP Photo/David Zalubowski)
A pumping unit sucks crude oil from the ground near Manhattan, Kansas. The IEA says oil demand is falling.   (AP Photo/Charlie Riedel)
« Prev« Prev | Next »Next » Slideshow
Our editors also recommend:

Threads (
1
 of 3)

Tags

crude oil • OPEC • world economy • IEA


Loading...

Premium Articles from HighBeam

Find more articles like this

Today's Most Popular

Loading...

Other Business Stories

What is Newser?

2008 Codie Finalist

Face it: there's too much news. At Newser a team of editors and writers culls the most important stories from hundreds of U.S. and international sources and reduces them to a headline, picture, and two paragraphs. It's the Newser guarantee: we can take any report or column or video and pack what you need to know into 120 words or less. Newser's short-form aggregation, visual format, and unique information tools help you get more of the kind of news you want, in a quicker and more entertaining way. And we do it 24/7—you can come back morning, noon, night (and in between) for something new that matters. Read less, know more.

Learn more »