PARIS, Jan. 18 (Xinhuanet) — The International Energy Agency (IEA) Tuesday warned of a possible renewed oil demand boom in 2005 and is telling oil producers to be on their guard against unexpected events.
In its monthly report published here, the IEA says most analysts believe global demand for oil will remain strong in 2005.
It says that although members of the Organization of the Petroleum Exporting Countries (OPEC) have agreed to increase production and long term capacity, this may not be enough to coverdemand at peak periods.
The capacity issue, says the IEA, is of concern not only to oil producers but to refiners and intermediaries, such as transporters, adding that rising demand in 2004 is likely to continue in 2005 fuelling possible price hikes.
The IEA concludes that geopolitical uncertainty in Russia, Iraq, Iran and Nigeria makes it necessary for oil production investment to take account of anticipated growing demand.
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