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Fuel card news: Oil supply 'unlikely to meet future demand'

06 September, 10
Dwindling oil reserves are likely to ensure that crude oil prices will remain on a broadly upward trend over the next few years, according to the managing director of economics at HSBC.

Writing in the Independent, Stephen King warned that China's rate of energy consumption is so great, oil demand in the country could equal that of the rest of the world combined within 20 years.

"Hopefully, we'll be enjoying the benefits of new technologies [by then]," he explained. "The price of oil will probably need to go up a long way in the meantime, if only to persuade people to change their gas-guzzling ways."

Mr King suggested some energy firms may be hesitant to drill for oil in new environments - such as Canada's controversial oil sands - due to the financial outlay involved.

Last week, Encore Oil hailed its latest discovery in the North Sea, after exploratory drilling at its Cladhan test well reached "the upper end of expectations".

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Posted by Matt HaskinsADNFCR-2675-ID-800052715-ADNFCR

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Fuel card news: Oil supply 'unlikely to meet future demand'