IEA hikes forecasts again

Energy prices surged upwards on Feb. 10 as the Paris-based International Energy Agency increased its forecast for 2005 oil demand growth by 80,000 b/d to 1.52 million b/d, for a total of 84 million b/d.IPE also reported that second-quarter demand for crude from the Organization of Petroleum Exporting Countries likely will exceed supply for the first time in more than 2 years. In its latest monthly report, IEA revised its projected call on OPEC crude upwards by 100,000 b/d for 2004 and by 300,000 b/d for 2005, averaging 28.2 million b/d and 28.3 million b/d respectively.“The seasonal uptick in fourth quarter demand for both years is now more pronounced than in last month’s repo...

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