IEA’s Birol: Don’t foresee oil demand peaking soon - RTRS

Speaking on the side-lines of the GE Oil and Gas annual meeting in Florence on Monday, the International Energy Agency (IEA) executive director, Faith Birol, said he doesn’t expect oil demand to peak any time soon due to rising consumption in developing economies.

Key Quotes via Reuters:

"We do not see in the near and medium terms oil products can be substituted by other fuels. More than one third of growth comes from trucks in developing Asia... We do not subscribe to oil demand peaking anytime soon.”

"If there are no major new major projects this year, it will be very difficult to see how we do not have turbulent times in the market in the years to come because of the growing supply gap."