The Wall Street Journal reports today that world oil demand is growing twice as fast as last year.
The International Energy Agency, which monitors oil markets on behalf of industrialized nations, is forecasting average global oil demand of 86.1 million barrels a day this year, up 2 percent from last year. That is twice as fast as the 0.9% growth recorded in 2006, compared with 2005.
Demand is expected to accelerate further in the fourth quarter to 88 million barrels a day, an unprecedented quarterly volume and up 2.6 million barrels a day from the year-earlier period. In the second quarter, global oil demand already has risen at a 1.7% rate, more than double the 0.8% a year ago, according to forecasts and data compiled by the IEA.
Where’s the demand coming from? All over, but especially China.
La nouvelle tuberculose
Nouveaux paradigmes: Les pays producteurs commencent à réduire leur production afin de ne pas tuer la poule aux oeufs d’or!
There has been a paradigm shift in the energy world whereby oil producers are no longer inclined to rapidly exhaust their resource for the sake of accelerating the misuse of a precious and finite commodity. This sentiment prevails inside and outside of OPEC countries but has yet to be appreciated among the major energy consuming countries of the world.