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World Petroleum Congress




         Demand Developments


                     Oil Industry  Markets Division


                               Madrid, July 1, 2008
© OECD/IEA - 2007
             2008
Are “Speculators” to Blame?


                 Price
                             Stock        S1
                             build             Investors enter the market:
                                               • Price increases from P1 to P2
MEDIUM
                         B                A    • A stock build (A – B) is necessary
 TERM           P2                             to balance the market in D1



  Oil           P1
Market
Report

                                                            D1




                                     Q1               Quantity
© OECD/IEA
   2008
IEA Medium-Term Oil Demand
IEA Medium-Term Oil Demand
IEA Medium-Term Oil Demand
IEA Medium-Term Oil Demand
IEA Medium-Term Oil Demand
IEA Medium-Term Oil Demand
IEA Medium-Term Oil Demand
IEA Medium-Term Oil Demand
IEA Medium-Term Oil Demand
IEA Medium-Term Oil Demand
IEA Medium-Term Oil Demand
IEA Medium-Term Oil Demand
IEA Medium-Term Oil Demand
IEA Medium-Term Oil Demand
IEA Medium-Term Oil Demand
IEA Medium-Term Oil Demand
IEA Medium-Term Oil Demand
IEA Medium-Term Oil Demand
IEA Medium-Term Oil Demand
IEA Medium-Term Oil Demand
IEA Medium-Term Oil Demand
IEA Medium-Term Oil Demand
IEA Medium-Term Oil Demand
IEA Medium-Term Oil Demand
IEA Medium-Term Oil Demand
IEA Medium-Term Oil Demand
IEA Medium-Term Oil Demand
IEA Medium-Term Oil Demand
IEA Medium-Term Oil Demand
IEA Medium-Term Oil Demand
IEA Medium-Term Oil Demand
IEA Medium-Term Oil Demand
IEA Medium-Term Oil Demand
IEA Medium-Term Oil Demand
IEA Medium-Term Oil Demand
IEA Medium-Term Oil Demand

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IEA Medium-Term Oil Demand

  • 1. World Petroleum Congress Demand Developments Oil Industry Markets Division Madrid, July 1, 2008 © OECD/IEA - 2007 2008
  • 2. Are “Speculators” to Blame? Price Stock S1 build Investors enter the market: • Price increases from P1 to P2 MEDIUM B A • A stock build (A – B) is necessary TERM P2 to balance the market in D1 Oil P1 Market Report D1 Q1 Quantity © OECD/IEA 2008