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Thursday, March 08, 2007

Is oil demand growth set to double?

That's what Reuters is saying today ...

World oil demand growth, led by China and the United States, will nearly double in 2007, putting pressure on OPEC producers to boost production later this year, a Reuters poll found on Thursday... Analysts forecast average world oil demand growth this year at 1.39 million barrels per day. That is up from 800,000 bpd last year, according to the International Energy Agency.

You can read the rest by CLICKING HERE. I guess these projections are made assuming no recession this year, which is fine with me. But it's hard to see where the supply will come from with Mexico's production from Cantarell dropping off a cliff and production from Saudi Arabia tanking as well.


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