The global demand for oil is rising and will probably continue to push prices higher, Norway’s Oil and Energy Minister Tord Lien said Oct. 18.
“Demand is growing and the supply side is about to adjust itself,” Lien told an energy conference in Oslo.
“The oil price has doubled since February, and next year the (daily) global consumption could rise to more than 100 million barrels,” he added.
He dismissed the idea that Norway’s Oil and Energy Ministry could influence the price of crude.
“The only thing I’m certain of if that the ministry can’t do anything about the oil price. I believe it will rise, but I’m certain we can't do much to affect it.
Norway is western Europe’s largest producer of oil and natural gas.
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