Such an oily feeling

Published: Wednesday 31 May 1995

THE Organisation of Petroleum Exporting Countries (OPEC) will be ardently serenaded by the rest of the world over the next 15 years. This much was predicted by the Paris-based International Energy Agency (IEA) in Washington in late April while releasing its World Energy Outlook, an update of the Agency's projections of long-term energy demands Up to AD 20 10. Citing a & rapid burgeoning of energy demand in the developing world, it forecast that the global oil consumption will rise to over 75 million barrels a day (mbd) by the end of the decade, reaching 92-95 mbd by AD 2010. IEA executive director Robert Priddle gloomily confesses that the only way to cope with this emergency is "becoming more and more reliant on OPEC countries."

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