Comment 27974

By mark2 (anonymous) | Posted December 22, 2008 at 14:30:44

Ryan wrote: >I'm saying that when economic growth pushes demand for oil back over around 85 million barrels per day (mbpd), we'll see oil prices start to spike again.

Thing is, oil demand isn't below 85 million barrels per day. According to the International Energy Agency's December 11 report, consumption for 2008 has declined by 350,000 barrels per day over the 2007 consumption levels. However, that still leaves consuption at 85.8 mbpd, with the price per barrel continuing its declining trend with no spike in sight. IEA predicts 2009 consumption to be at 86.3 mbpd.

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