Despite warnings, oil usage expected to increase

By James Kanter
Published: July 9, 2007

PARIS: Despite four years of high prices and increasingly dire warnings about climate change, a new report Monday predicted that world oil demand would rise faster than previously expected over the next five years while production slips, threatening a supply crunch.

"Demand is growing and as people become accustomed to higher prices they are starting to return to their previous trends of high consumption," said Lawrence Eagles, the head of oil markets analysis at the Paris-based International Energy Agency. "It's important that we have more investment and a greater emphasis on energy efficiency."