IEA sees oil supply crunch looming
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World oil demand will rise faster than expected to 2012 while production lags, leading to a supply crunch, the International Energy Agency said on Monday.
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OPEC on Friday prepared to keep oil  supply limits on hold, confident that the world economy can  absorb higher energy costs.
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Oil prices edged upward Wednesday in anticipation of a report showing declines in U.S. crude and gasoline supplies.
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The supply of oil is still outstripping demand even though the Organization of Petroleum Exporting Countries, the producer of more than a third of the world&#39;s crude output, has vowed to reduce production to prop up falling prices, the oil minister of
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The European Central Bank's policymakers will act in a firm and timely manner to ensure that knock-on effects from higher oil prices do not appear, the ECB said in the editorial of its December bulletin.
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&quot;The sharp rise in oil prices has contributed to the weakening of the expansion in recent months, and will likely continue to do so for several quarters,&quot; the IMF report said.
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The International Energy Agency cut its forecast for global oil demand, due to slowing economies.
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Despite expected rapid growth in wind and solar energy, oil and gas are here to stay.
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Tight oil supplies could leave the global economy worryingly vulnerable for years to come, a senior International Monetary Fund official said on Thursday.
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HOUSTON, Dec. 10 -- Energy prices continued to climb Thursday in anticipation that members of the Organization of the Petroleum Exporting Countries would at least curb overproduction at their meeting Friday in Cairo.
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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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The Organization of Petroleum Exporting Countries has warned that the drive for environment-friendly bio-fuel risked pushing oil prices &quot;through the roof,&quot; the Financial Times reported Wednesday.
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Crude oil in New York traded near Friday s record close amid concern growing Chinese demand may strain supplies at a time when spare global production capacity is limited.
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World demand for oil will rise more than expected while supplies will remain tight between now and 2012, experts say.
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World oil demand will rise faster than expected to 2012 while supply lags, the International Energy Agency said on Monday, leading to a tighter market than previously anticipated.
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URGENT action is needed to ensure sky-high oil prices do not derail the global economic recovery, the International Monetary Fund said yesterday.
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Gas prices in the UK are likely to remain high for at least another three years, a report predicts, due to record oil prices and supply shortages.