"Sustained high oil prices will help cool oil demand growth in two
ways; first indirectly, as the higher energy costs resulting from the
combination of high prices and the low price elasticity of advanced economies
reduce consumption and undermine economic growth, and in the longer run more
directly, by encouraging energy savings and oil-demand restraint."
(The US International Energy Agency reported as record-high oil prices begin to
take a toll on global oil demand by slowing economic growth and fueling energy
saving measures.)
See more industry/OPEC viewpoints. http://www.platts.com/Oil/Resources/Quote
of the Day/