International Energy Agency says oil demand could reach 2008 levels in 2012 or maybe after 2014; Crude rises to 8-month high of $73
Jun 30th, 2009 | By Finfacts Ireland Business & Finance Portal | Category: News worldwide
The International Energy Agency, the energy watchdog of 28 developed countries including Ireland, on Monday, cut five-year forecasts for global crude demand because of the economic slump, forecasting consumption won’t regain 2008’s levels until 2012 or maybe after 2014 depending on the economic situation. The price of crude jumped above $73 in New York -- just below 50% of the the all-time intra-day record of $147.27 in July 2008. Price of crude rises to 8-month high of $73 a barrel following an attack on a Shell Oil facility in Nigeria.