Justin Joseph
SENIOR MEMBER
- Joined
- Mar 4, 2010
- Messages
- 2,216
- Reaction score
- 0
Russia to Consume More Saudi Oil
23 April 2010
Bloomberg
PARIS Ibrahim al-Muhanna, an adviser to Saudi Arabias Petroleum Ministry, said India, Russia and Brazil would become major oil consumers over this decade and that the share of Saudi crude shipped to Europe will decrease.
Within 10 years, if the trend of current economic growth continues, there are likely to be three additional major consumption centers: India, Russia and Brazil, al-Muhanna said. International oil demand will become more highly diversified.
Oil futures have rebounded 70 percent over the past year on confidence that the economic recovery will boost demand. On April 13, the International Energy Agency raised its 2010 global oil consumption forecast by 30,000 barrels a day to 86.6 million a day, citing demand in North America and the Asia-Pacific region. The Organization of Petroleum Exporting Countries said April 14 that Brazil and Russia would continue to drive growth.
Russia to Become 'Major' Oil Consumer | Business | The Moscow Times
23 April 2010
Bloomberg
PARIS Ibrahim al-Muhanna, an adviser to Saudi Arabias Petroleum Ministry, said India, Russia and Brazil would become major oil consumers over this decade and that the share of Saudi crude shipped to Europe will decrease.
Within 10 years, if the trend of current economic growth continues, there are likely to be three additional major consumption centers: India, Russia and Brazil, al-Muhanna said. International oil demand will become more highly diversified.
Oil futures have rebounded 70 percent over the past year on confidence that the economic recovery will boost demand. On April 13, the International Energy Agency raised its 2010 global oil consumption forecast by 30,000 barrels a day to 86.6 million a day, citing demand in North America and the Asia-Pacific region. The Organization of Petroleum Exporting Countries said April 14 that Brazil and Russia would continue to drive growth.
Russia to Become 'Major' Oil Consumer | Business | The Moscow Times
