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Oil demand to rise by 2mbpd says report

Dubai, November 6, 2011

Global average demand for crude oil which reached 86.6 million barrels a day in 2010, the highest level since 2007, is set to increase almost 2 million barrels a day each year over the next two years, a report said.

The Deloitte publication, Middle East Point of View, in an article titled ‘Back to the future: where next for 100-dollar oil’ states that, as a result of the demand rise, the price of oil had crossed the $100 threshold for the second time in two years. After factoring the impact of the situation in Libya and the ability of Saudi Arabia to cover most the production shortfall, oil has traded close to $100 after briefly peaking at $114, it said. 

“The price of oil will continue to rise due to global demand growth that is expected to rise from 48 per cent of current global demand to as much as 60 per cent by 2035,” said Kenneth McKellar, partner and Middle East Energy & Resources leader at Deloitte in the Middle East.  – TradeArabia News Service




Tags: Oil | Crude | Deloitte |

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