The oil market, despite 4 years of elevated prices, will tighten further by 2012, predicts the International Energy Agency, Paris.Spare production capacity among members of the Organization of Petroleum Exporting Countries will rise but remain “relatively constrained” until 2009 then fall to “minimal levels” by 2012 as demand growth remains strong, IEA says in its Medium-Term Oil Market Report published this month.Although low spare capacity in OPEC implies high crude prices, and despite growing distillation capacity and biofuels supply, IEA expects refining margins to remain strong through 2012.Using economic forecasts from the Organization for Economic Cooperatio...