August 2008

Trends and Resources

HP Impact: HPImpact: IEA: continued market 'tightness' in medium term

A new medium-term analysis from the International Energy Agency (IEA) attempts to analyze where oil demand is headed over the next five years. "Record prices in the oil market in recent months have be..

Weirauch, Wendy, Hydrocarbon Processing Staff

A new medium-term analysis from the International Energy Agency (IEA) attempts to analyze where oil demand is headed over the next five years. "Record prices in the oil market in recent months have become a threat to the global economy and social welfare of millions of people—some are calling it the third oil shock," according to Nobuo Tanaka, IEA's executive director. While there has been some weakening in demand in the OECD, supply constraints, refinery limitations and continued demand growth in key emerging markets will maintain pressure in the market over the medium term. Market principles are the main underlying basics behind high oil prices, according to this analysis. OPEC

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