ST. PETERSBURG, Russia (TheStreet) -- The International Energy Agency said Wednesday that annual growth in oil demand could average 1.2 million barrels a day over the next five years, while natural gas demand could grow by around 500 billion cubic meters.
More on Energy
Transocean Seeks to Boost Oil Production in Artic8 Natural Gas Stocks to WatchIs Trouble Brewing for Solar Equipment Manufacturers?
The IEA's oil demand forecast is 700,000 a day more than the forecast it made in December for 2010 to 2015.
The agency said it expects that oil prices over the next five years will average $103 a barrel, almost $20 more than its forecast in last year's Medium-Term Oil and Gas Market Report.
The IEA said growth in oil supply capacity through 2016 would average 1.1 million barrels a day annually, "as higher prices unlock new supplies." Most of the growth is expected to come from emerging economies, the IEA said.
But "while spurring investment in exploration and development, higher oil prices threaten to weaken economic growth and curb demand," the agency said.
-- Written by Joseph Woelfel
>To contact the writer of this article, click here: Joseph Woelfel
>To submit a news tip, send an email to: tips@thestreet.com.
