World Oil Demand Growth to Outpace Non-Opec Supply Growth: IEA

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Subsidies may be distorting the true price of oil in the United States, and the price of crude continues to rise unchecked but that won’t slow global demand for oil over the next few years—even if demand in the developing world is contracting—according to the International Energy Agency.

The Paris-based organization predicts that demand is expected to grow by 1.6% per year between 2008 and 2013, while non-Opec supply will increase at only 0.5% per year. This increased reliance on Opec means that oil prices are likely to remain at record levels.

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