Worldwide oil demand hit its highest level ever on the back of explosive growth in the developing world, according to preliminary figures in a recent report. But the world's thirst for the hot commodity is unlikely to lead to the price spike witnessed in 2008 -- largely due to oil field investments made during the last bubble, analysts say.
Globally, oil demand hit 88.3 million barrels a day in the third quarter of 2010, according to preliminary numbers released earlier this week from energy consultants Wood Mackenzie. That tops the previous quarterly record of 88 million barrels a day, reached in the fourth quarter of 2007.
Demand high production low = pain
Beware $90 oil - With high unemployment, weak consumer spending and falling home prices, what else could possibly slow America's economic recovery? Oil prices. Gasoline: $3 by Christmas and a 'Mini-Apocalypse' in Spring? and What will 2011 bring? Triple-digit oil
Related? Risk Of Chinese Overheating After "Astonishing" Oil Growth