Global demand for oil will rebound in 2010-2011

Friday, October 9, 2009

Global demand for oil will rebound in 2010-2011 and prices may then exceed their peak levels of July 2008, the chief economist of the International Energy Agency (IEA) said on Thursday.

In July U.S. crude oil prices reached a record high above $147 a barrel but have since dropped and were trading below $54 on Thursday.

"We can see almost every day that projects are being cancelled (due to the financial crisis) and this is bad news (...) as supply is being withdrawn, but demand will eventually rebound in 2010-2011. We may see prices going even higher than we saw this summer," Fatih Birol told a seminar in Warsaw.

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