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Oil Production to Remain Steady; Global Demand May Raise

Joint statements will impact American energy and the oil markets, as today OPEC agreed to maintain current levels of oil supply while the International Energy Agency (IEA) raised its global demand forecast.

IEA based its increased predictions on strong growth in the Chinese demand, with above average demand from the US market. This demand has helped keep oil at or above $70 a barrel, and drove a 62 percent increase in the price of oil this year.

Based on demand data, OPEC, which supplies roughly 40 percent of the world's oil, has pledged not to cut supply over the next few months.

For more, click here.

Labels: economy, oil companies, oil price, oil supply, oil supply/demand

posted by Amanda Voss at 12:09 PM

1Comments:

 Jamie Lang said...

It will be interesting to see how far global demand rises in the coming years. Clearly new projects are not being started now, (with 5-7 year lead times)so increasing demand will be a slow process.

September 11, 2009 11:45 AM  

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