Source Pravda.Ru

IEA sees growth in crude oil demand in 2008 despite OPEC forecasts

Crude oil demand growth will jump by 2.1m barrels a day in 2008 as strong Middle East consumption will offset the US economic slowdown and the impact of record prices, the International Energy Agency said on Friday.

The International Energy Agency is a Paris-based intergovernmental organization founded by the Organisation for Economic Co-operation and Development (OECD) in 1974 in the wake of the oil crisis. The IEA is dedicated to preventing disruptions in the supply of oil, as well as acting as an information source on statistics about the international oil market and other energy sectors.

They have a secondary role in promoting and developing alternate energy sources, rational energy policies, and multinational energy technology co-operation. Until recently, it did not study nuclear power in detail, except as a contribution to the overall energy balance and economy.

Opec last week in a meeting in Abu Dhabi rejected an official increase in its production ceiling warning that demand could be lower than forecast because the impact of the credit squeeze.

OPEC) is a large group of countries made up of Algeria, Angola, Indonesia, Iran, Iraq, Kuwait, Libya, Nigeria, Qatar, Saudi Arabia, the United Arab Emirates, Venezuela, and Ecuador (which rejoined OPEC in November 2007) . The Vienna-based organization has maintained its headquarters there since 1965, hosting regular meetings between the oil ministers of its member states.

The principal aim of the organization, according to its Statute, is the determination of the best means for safeguarding their interests, individually and collectively; devising ways and means of ensuring the stabilization of prices in international oil markets with a view to eliminating harmful and unnecessary fluctuations; giving due regard at all times to the interests of the producing nations and to the necessity of securing a steady income to the producing countries; an efficient, economic and regular supply of petroleum to consuming nations, and a fair return on their capital to those investing in the petroleum industry.

Source: agencies

Comments
Russia gives up on helicopter carriers, Armata tanks and Su-57 jets
Putin sets Merkel against Trump. She doesn't mind
USA freezes hundreds of millions of Russian dollar assets
USA freezes hundreds of millions of Russian dollar assets
Russia starts executing S-400 missile systems deal with Turkey in 2019
Russia refuses to build helicopter carriers, but considers aircraft carriers
Putin sets Merkel against Trump. She doesn't mind
One step closer to a resolution in Syria
Boris Yeltsin tried to escape to US Embassy as USSR was falling apart
Putin sets Merkel against Trump. She doesn't mind
Boris Yeltsin tried to escape to US Embassy as USSR was falling apart
Boris Yeltsin tried to escape to US Embassy as USSR was falling apart
Boris Yeltsin tried to escape to US Embassy as USSR was falling apart
Putin sets Merkel against Trump. She doesn't mind
Putin sets Merkel against Trump. She doesn't mind
Ukraine dreams of what it can do to Crimea after winning war with Russia
US-Russian confrontation: War is peace, freedom is slavery
Default more likely to hit American, rather than Russian economy
Russia refuses to build helicopter carriers, but considers aircraft carriers
Pilot shares his impressions after flying Su-57 fifth-generation fighter
Turkey desperately tries to rescue its national currency as it falls to all-time lows