Some analysts say subsidy cuts in Asia will not be enough to slow oil use.
"World oil demand growth is still accounted mostly by China, the Middle East and Latin America -- and through the summer, there is no reason to expect a material slowdown in demand growth in these areas," said Harry Tchilinguirian, oil analyst at BNP Paribas in London.
Ahead of a weekend meeting of G8 energy ministers plus their peers from China, India and South Korea, to try and agree on the role of consumer nations in stemming oil's five-year price rally, the IEA warned that oil demand would rise by 70 percent if governments continued with current policies.
It also urged world governments to start a $45 trillion dollar "energy technology revolution" or risk a 130 percent surge in carbon emissions by 2050. [ID:nSP116202] (Reporting by Santosh Menon in LOndon and Maryelle Demongeot in Singapore; editing by James Jukwey)
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