Oil prices fell below $114 a barrel yesterday as OPEC and the International Energy Administration predicted lower growth in demand and even reduction of oil consumption for the rest of this year and next.
The International Energy Agency expects demand in the countries of the Organization of Economic Co-operation and Development (OECD – the 49 largest economies) will average 48.6 million barrels per day this year, or 620,000 barrels below the 2007 average of 49.2 MBOPD. [right, drill rig in Gulf of Mexico, copyright Noble Corp.]
OPEC's monthly report forecasts world oil demand this year overall will fall by 30,000 barrels a day and that demand growth next year will be “the lowest since 2002."So, despite the cynics claims, maybe we can conserve our way out of the energy crisis.