Source:
ReutersIEA sees oil supply crunch loomingMon Jul 9, 2007 9:10AM EDT
By Alex Lawler
LONDON (Reuters) - World oil demand will rise faster than expected
to 2012 while production lags, leading to a supply crunch, the
International Energy Agency said on Monday.
In its Medium-Term Oil Market Report, the adviser to 26 industrialized
countries said demand will rise by an average 2.2 percent a year
between 2007 and 2012, up from a previous medium-term forecast of
2 percent.
The outlook, which updates an IEA forecast last issued in February,
coincides with a jump in oil prices to more than $75 a barrel, closing
in on a record high near $79, on concerns of a tightening market.
"Despite four years of high oil prices, this report sees increasing market
tightness beyond 2010," the IEA said.
-snip-Read more:
http://www.reuters.com/article/topNews/idUSENG00031520070709
The article goes on to say they forecast "plateau oil"
rather than "peak oil."
Source:
BBC NewsLast Updated: Monday, 9 July 2007, 11:39 GMT 12:39 UK
Oil supplies 'face more pressure'World oil demand will rise faster than expected, while supplies
will remain tight, the latest International Energy Agency (IEA)
report has warned.
The IEA predicted demand would rise by an average 2.2% a year
between 2007 and 2012, up from previous estimates of 2%.
It added that geo-political tensions and a lack of spare capacity
in Opec production would also limit supplies.
By 2012, biofuel production would hit 1.8 million barrels, more
than double 2006 levels it said.
However, while supplies of the green fuel are set to surge, it is
likely to remain marginal with just a 2% slice of the energy market,
the IEA said.
-snip-Read more:
http://news.bbc.co.uk/2/hi/business/6283992.stm