Rise in World Oil Use and a Possible Shortage of Supplies Are Seen in the Next 5 Years
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A new report says that pressures on fuel supplies are growing, in part, because booming Asian economies are using more fuel to power their manufacturing industries.
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The locations of the world's big energy reserves could bite us in the years to come.
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The sharp rise in oil prices which recently creeps towards $60 per barrel has put many energy industries and those reliant on energy on the edge for fear of the adverse affects of escalating prices.
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The absolute price of oil has reached a new high. The growth     of the economies in China, India and the rest of Asia are increasing the demand     for oil. There are production problems in Venezuela (strikes and sabotage), Norway (strikes), Nigeria (civil war), Iraq (sabotage) and Russia (internal politics). Hurricane Ivan and other hurricanes this year disrupted     production in the Gulf of Mexico and transportation of oil in the Atlantic.     In the next decade Eastern Europe will also require more oil to feed its growing economies. The price of crude oil has led to     prices of above $55 a barrel and lifted heating oil to a record and     natural gas to a 20-month high. Though prices may eventually fall a bit, they are likely to remain higher than we were once     accustomed.    However, all is not gloom and doom.
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Rising oil prices are expected to hit China's growth rate this year.
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The world&#39;s reliance on oil and gas is set to increase sharply as global energy demand soars by 60% over the next 25 to 30 years, an influential report predicts.
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OPEC will increase oil production by 500,000 barrels a day to meet an expected surge in winter consumption.
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Despite forecasts that show no end to rising demand for crude over the coming decades, oil-producing nations are casting an uneasy eye on the growing number of measures being taken to tackle climate change.
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Despite high oil prices, the volumeof world trade by the end of 2004 is likely to grow by 8.5 percentin real terms over 2003, the World Trade Organization (WTO) said Monday.
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Oil prices jumped nearly 4 percent  Thursday after the International Energy Agency warned that  greater-than-expected demand and disappointing world production  growth could strain world supplies.
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The world economy this year should post its best growth in three decades even though oil prices are up sharply and economic activity in the United States probably will be slower than previously thought.
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The World Trade Organization said Monday global trade is likely to grow by 8.5 percent this year compared with 2003. But the Geneva-based WTO warned that growth for 2005 may be hampered by higher oil prices.
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World oil prices rose to a new record high above 55 US dollars a barrel Friday, stirring fears of 60-dollar-a-barrel New York crude, as concerns about the global supply of heating
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World oil prices are continuing to scale record heights, rising on concerns over disruptions to supply from strike-hit producers Nigeria and Norway.
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Global commerce is expected to grow 8.5 percent by the end of this year, helped by economic expansion that could overcome record oil prices, the World Trade Organization said Monday.
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The International Energy Agency on Friday raised its forecast for world oil demand for next year by 115,000 barrels per day because of demand from emerging economies.
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Crude oil prices surged to a new high Monday on supply concerns ahead of the winter, a possible petroleum-industry strike in Norway and data showing that China&#39;s big demand for oil is likely to increase.