Oil prices are heading north.

None of us have seen any real increase like the sort of prices we have ahead of us.

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.

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Posted in Main Page by Chris Gilbey No Comments Yet