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An economic slowdown in industrialized economies with damper oil consumption growth, but oil high prices are here to stay, the International Energy Agency predicted in its monthly report.
The IEA lowered its forecast for 2008 global oil demand by 80,000 barrels per day to 87.54 million barrels, which would represent a 2% growth in oil consumption from 2007.
Oil hit a record high price of $109.72 Tuesday before settling back to the $108.50-range Tuesday at mid-day. Oil has risen more than 80% in the past 12 months.
Those higher prices are slowing economic activity in industrialized nations that had already started to slow with the weakening of the U.S economy in mid-2007, the IEA said. But strong growth in developing markets, geopolitical tensions, OPEC's status-quo regarding production have offset the above, and sent oil's price higher.
IEA: Oil to remain costly
Meanwhile, oil inventories in industrialized nations covered by the OECD increased by 32.6 million barrels in January 2008 to 2.617 billion barrels or 52.9 days of consumption, which is considered tight spare capacity.
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