- UAE Central Bank Stands by Banks Amid Dubai Crisis
- Dubai's Debt Woes Signal New Era for Creditors
- US Shoppers Spent Less Over Black Friday: NRF
- US Senator Opposes Fed Chief Bernanke Renomination
- A Weak IPO Debut for Las Vegas Sands' Macau Unit
- US Treasury Wants Banks to Do More to Ease Mortgages
- Tiger Woods Accepts Full Blame for Car Crash
- Next Week: Cash In Now Or Wait For A Santa Rally?
- Big US Banks May Be Forced to Raise Capital: Bove
- Portfolio Prep for Next Week: 'Don't Get Crazy'
- U.S. Stocks Fall on Dubai Worries
- Black Friday at Best Buy
- Strategists on Dubai: Avoid 'Rash Moves' Now
- Longer Lines, Fuller Carts This Black Friday
- Dubai Stock Market Fear Has 'Legs': Dennis Gartman
- Obama's Emission Reduction Pledge Paints Future for Autos
- Is Super Bowl Halftime Act Too Old?
- Surprising Options Trades in TiVo Shares
MOST SHARED
- US Shoppers Spent Less Over Black Friday: NRF
- South Korea Sees Exports Bouncing, but Risks Remain
- Fed Audit Would Hurt Economic Prospects: Bernanke
- Japan Won't Intervene to Weaken Yen: Finance Minister
- Tiger Woods Wants to Protect Family Privacy: Agent
- Banks With The Biggest Exposure to The UAE
- Japan Industrial Output Edges Up But Yen May Weigh
- Sands China falls 10% in Hong Kong Debut
Text Size 
Oil markets are expected to tighten again after easing in 2009/10 so producer countries should increase investments, the head of the International Energy Agency (IEA) said on Tuesday.
"The situation could be better in 2009/2010 but after that the situation will be getting tighter again," IEA executive director Nobuo Tanaka told reporters on a visit to OPEC member Algeria. "We want producing countries to increase investment."
The agency, a Paris-based adviser to 27 industrialized countries, said this month that world oil demand growth would grow at a rate of 860,000 barrels per day (bpd) in 2009, reaching a total of 87.7 million bpd, down from growth of 890,000 bpd this year.
Demand for oil by China, India and the Middle East has been cited as a factor behind crude's almost sevenfold surge from $20 six years ago to a record high of more than $140 a barrel.
Tanaka said that oil prices remained very high and overall world consumption would continue to grow despite declining demand in major industrialized countries, but the situation would improve by 2009 thanks to new investment in production.
Thereafter they would tighten again, he said.
Asked by reporters for his evaluation of the market, Tanaka said: "It is very very tight...Spare capacity is very low."
He added: "Prices are very high but the situation will improve by 2009 thanks to new investments."
He added: "Current demand is very strong because of China, India, Latin America as well as the Middle East. There is a decline in major consumer countries but the emerging economies are very strong. We expect demand to continue to grow, as a whole."
Print
Email
- These four sectors will be the next to lead the market.
- Zhu Zhu Pets are this year's must-have toy, fetching $40 or more on eBay.
- From the why-didn’t-I-think-of-that file, we present Jason Sadler, a man whose job is wearing T-shirts.
- It may be the most unusual guide to business you'll read.
- Shopping for a gadget hound? The choices can be baffling. Here are a few that should be a hit.
- "The Who" will be the halftime act for Super Bowl XLIV on Feb. 7 in Miami. Is the NFL behind the times?
Data is a real-time snapshot *Data is delayed at least 15 minutes