The slide in oil prices is only temporary as global oil demand is expected to grow annually by up to 1 million barrels per day (bpd) while world consumption is likely to increase to 105 million bpd in 2025, a top official said.
Oil rose above $62 a barrel on Thursday as indications of a coming recovery in demand offset a further jump in US crude stockpiles which underlined currently ample supplies.
Crude benchmarks in the US and Europe posted their large
At more than $100 a barrel, peak global oil demand was scheduled for 2025, but it is now on ice if oil stays at $50 to $70 for over five years, a report said, warning that continued high prices may have led to zero global demand growth.
Brent crude traded around $80 a barrel on Thursday, near its lowest since 2010, after Opec said demand for its oil would fall next year, while Saudi Arabia remained silent about a possible cut in production.
Global demand for oil
World oil demand will rise slightly more than expected in 2014, Opec said, becoming the second major forecaster this week to predict higher fuel use as economic growth picks up in Europe and the US.
The Organization of the Petrole
Global oil demand will increase more quickly this year as economic growth accelerates, outstripping supply even as shale oil production in the US reaches record highs, the West's energy watchdog said on Tuesday.
Surging oil demand and faltering supplies mean oil prices face upside risks over the next few months, the West's energy watchdog said.
The International Energy Agency (IEA) said in its monthly report that after eight consecuti
Global spare crude oil production capacity rose slightly in September and October as Saudi Arabia trimmed output on lower power plant demand, said the US Energy Information Administration in its report.
The spare output capacity,
World oil demand will grow more quickly in the rest of 2013 than during the first half due to economic recovery and higher seasonal consumption, Opec said on Tuesday.
The Organisation of the Petroleum Exporting Countries (Opec) in
Bahrain's gross domestic product (GDP) is expected to grow more than five per cent this year, said the chief economist of Bahrain Economic Development Board.
Dr Jarmo Kotilaine said the oil sector normalisation is likely to be