Strong energy demand creates challenges for industry

Strong worldwide energy demand is creating both opportunities and challenges for oil and gas producers and the oil service industry, said speakers at the 10th annual RMI Breakfast Forum Oct. 8 in Houston. Mark Urness, Merrill Lynch Click here to enlarge image"Global oil demand over the last 33 years has grown at a compound annual rate of 11/2%, while upstream capital spending has grown at about 8%/year," said Mark Urness, Merrill Lynch director of oil services and drilling research. This year, however, demand growth, led by China and other developing countries, will exceed 3%.With demand lifting oil prices, Merrill Lynch forecasts growth in worldwide upstream capital spending this year...

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