Global oil demand 'to rise' in 2008

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Global demand for oil will accelerate more quickly in 2008 than in 2007 - though increased production and refinery capacity should see supply match demand, it has been claimed.

The monthly Oil Market Report from the International Energy Agency (IEA) asserts that demand will rise by 2.2 million barrels per day on average next year - up from this year's increases of 1.53 million barrels per day.

Although this might put further pressure on oil prices, which are already pushing on a record high of $79 per barrel, the balance between supply and demand should become comfortable, as OPEC countries up production.

"Overall, both in terms of spare upstream capacity and refinery flexibility, 2008 looks at this stage to be slightly more comfortable than 2006 and 2007," the IEA report states.

"Total crude and liquids growth is in excess of demand growth," Lawrence Eagles, head of the IEA's Oil Industry and Markets Division, commented.

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