Worldwide oil market responds to demand growth

Given current oil demand projections, key members of the Organization of Petroleum Exporting Countries will need to reduce output to avoid oversupplying the market in the short run as non-OPEC supply grows.Worldwide oil demand will grow 1.79 million b/d this year, according to the International Energy Agency, with the majority of the increase in countries outside the Organization for Economic Cooperation and Development (OECD). The Paris-based agency also projects that in 2006, non-OPEC oil supply will increase 1.4 million b/d and OPEC production of other liquids will climb 350,000 b/d.But with a view to the world’s need for oil in the long run, OPEC production capacity expansions a...

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