Latest oil consumption data shows high crude prices are setback for emerging Asian economies, and a spate of refinery outages at BP, Conoco Phillips and Premcor plants in the US that increased market worries about winter supply have spiked US oil prices past US$67 a barrel on Friday, their fifth consecutive nominal record. The International Energy Agency has cut its growth forecast for oil demand from the SE Asian region for 2005-06 to 3.1%, down from last year's 5.2% growth. However, strong consumption in other regions is offsetting the soft demand from Asia and supporting oil prices, and worldwide oil demand is still forecast to accelerate in 2006. Fuel subsidies have been cut in Asian countries including Thailand, China and Vietnam, passing on the burden of higher oil costs from their national budgets to households, heightening record oil prices. India's IOC is also pressing the government to lift the price they can charge consumers as the refineries face mounting losses.
Oil prices rose to US$67.10 in New York trading, before closing just below $67, The Nymex September contract finished in New York at US$66.86.
13-Aug-05 
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