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Fuel card news: Oil demand 'to increase in 2010'

13 July, 10
The Opec cartel of oil-producing nations has predicted that world oil demand will continue to grow during the remainder of the year as the economic revival gathers some momentum.

According to the Gulf Times, the organisation asserted in a new report that usage of the commodity will increase by 950,000 barrels per day in 2010, after higher-than-expected sales throughout the first six months of the year.

The research also claimed that the increase in consumption has encouraged refiners - particularly those in the US - to boost output, while non-Opec oil production looks poised to climb by 640,000 barrels daily.

Earlier this week, a study carried out by London-based investment bank Lloyds warned that rocketing demand in Asia's emerging markets could have a severe negative impact on oil costs.

The document also claimed that Western governments have so far failed to tackle the issue of peak oil, which some scientists believe may become a major problem within a matter of years.

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Posted by James RichmondADNFCR-2675-ID-19886520-ADNFCR

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Fuel card news: Oil demand 'to increase in 2010'