From the Next Big Future:
IEA (International Energy Agency) weekly oil report was issued June 10. Global oil product demand is expected to average 86.8 mb/d in 2008, 80 kb/d below last month’s estimate, following the reduction of price subsidies in several non-OECD countries. Global growth is cut even more steeply by 230 kb/d to +0.9% or +800 kb/d when historical upward revisions to 2006 and 2007 data are factored in.
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World Oil Demand is still larger than supply by 1 million b/d.
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My Comment: The world is using more oil than what it is producing, until this reverses prices will continue to go up.