"The fact of the matter is that the demand for oil is ramping up across the globe as economic activity increases," Turner said.

According to IEA monthly report released on Nov. 12, average daily oil consumption in 2010 will increase by 2.34 million barrels, and by 1.19 million barrels in 2011.

But as to supply, the Organization of the Petroleum Exporting Countries (OPEC), which controls over 35 percent of the world's output, has decided to maintain the output target for 2010 at its October meeting.

Meanwhile, U.S. Energy Information Administration said in its "Short Term Energy Outlook" released on Nov. 9 that most of the 1.0 million barrels per day projected growth of non-OPEC supply in 2010 comes from the United States, Brazil and Russia, but this growth in world supply is not sustained in the 2011 forecast.

Total non-OPEC supply will fall by 250,000 barrels per day in 2011, primarily because of declining production of North American and North Sea oilfields and decreasing supplies from Russia, said the Energy Outlook.

IEA forecasted that oil demand will continue to grow steadily, reaching about 99 million barrels per day (mb/d) by 2035, 15 mb/d higher than in 2009.

Gap between demand and supply is expected to increase, pushing up prices further.
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