Record supply belies tight oil market

If the global race between oil supply and demand were to be held today, it would be almost a photo finish.Despite the fact that global oil supply hit a record level of 83.5 million b/d in July, surging demand continues to sop up the new volumes. The International Energy Agency, in its August Oil Market Report, estimates that supply from the Organization of Petroleum Exporting Countries rose by 525,000 b/d last month, along with added volumes from non-OPEC countries totaling 75,000 b/d. Yet the Paris-based agency's estimate of global demand growth in 2004 remains at 2.5 million b/d, and IEA pegs the call on OPEC oil in the fourth quarter at 28.4 million b/d vs. the group's July pro...

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