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Page added on January 28, 2010

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Oil demand has peaked in developed world, IEA says

Oil use in rich industrialized countries will never return to 2006 and 2007 levels because of more fuel efficiency and the use of alternatives, the chief economist of the International Energy Agency said on Thursday.

The bold prediction, while made previously by some analysts, is significant because the IEA advises 28 countries on energy policy and its oil-demand forecasts are closely watched by traders and policymakers.

“When we look at the OECD countries – the U.S., Europe and Japan – I think the level of demand that we have seen in 2006 and 2007, we will never see again,” Fatih Birol saids in a telephone interview. “There may be some zigzags up and down but as a trend I think it will be a downward trend in terms of oil consumption.”

Flat or declining OECD demand may ease any strain on oil prices caused by ever-growing consumption in emerging economies.

Reuters



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