Greenspan: World’s oil supply-demand balance precarious

The worldwide supply and demand balance for oil has become so precarious that even small acts of sabotage and local insurrection can affect prices, former Federal Reserve Chairman Alan Greenspan told a US Senate committee earlier this month.In testimony before the Senate Foreign Relations committee, Greenspan noted that world oil markets already were strained when Hurricanes Katrina and Rita hit the US Gulf Coast late last summer and that questions remain about how much excess capacity to produce crude oil exists in the world. “No matter what the precise answer is, the buffer between supply and demand is much too small to absorb shutdowns of even a small part of the world’s pr...

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