According to International Energy Agency (IEA), world demands for oil could continue to climb UP! This situation would not overturn by the high oil prices and economic recession.

In their report, oil consumption from United States and other developed countries would decline slightly over the next few years. But, this will offset by oil demand from developing countries. By 2013, oil demand in developing countries will account for half of total global demand, compare with 36 per cent in 1996.

How about the oil production? Despite activities on exploring and developing new oil field is increase, but the projection for the global oil production will increase by between 1.5 to 2.5 million barrels a day by 2010 from current levels. With the modest increase of the oil production and tight market, IEA predicted the oil price would keep process high.

Well, what does that mean to us? If you wish to see the fuel price back to the level as the same as a year ago, it might more feasible to look for alternative energy for your vehicle!

Oil has risen more than 50 per cent in 2008. This is cause by speculative activities that investors seek to hedge against the falling dollar and inflation.

Partly, US crude oil stocks down two millions barrels to 299.8 million barrels. This is the first time the stocks is below 300 million barrels since Jan 2008.

As for the oil prices, it have jump seven fold since 2002, as demand from developing countries such as China and India for domestic growth.

Striking French truckers began to blockade roads throughout the country last Sunday for the second time in a year, threatening chaos in neighboring countries that rely on the trans-European highways running through France.

In a protest against rising fuel prices, truckers block a ring road around Bordeaux in south-western France. Total of 3,000+ trucks are forming huge tailbacks on many roads into Paris!

(picture from Reuters Pictures)

The Ministry of Transport said truck-drivers earned an average of 7,735 francs last year for 250 hours of work a month. The truck drivers demanded an immediate increase to 10,000 francs a month.