07 Apr '11, 6pm

IMF warns oil growing scarce, more costly

WASHINGTON : The International Monetary Fund warned Thursday that nations should brace for dwindling oil supplies that could drive prices skyward as demand increases, especially in emerging economies. "The persistent increase in oil prices over the past decade suggests that global oil markets have entered a period of increased scarcity," the IMF said in a report on the global economy. Thomas Helbling, lead author of the report, underscored at a news conference that the world's oil supply was on a downslide. "After stagnating in recent years, oil supply will not return to the growth trends of the 1980s and 1990s," he said. On the demand side, the drivers are emerging economies that are the most populous on the planet. "Per capita oil consumption in the United States and other OECD economies has been broadly flat since the early 1980s, while it has risen rapidly in China," t...

Full article: http://www.channelnewsasia.com/stories/afp_world_business...

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