EIA forecasts higher summer fuel prices, tightening oil market

04/18/2011
With robust growth in global oil demand and slow growth in supply from producers outside the Organization of Petroleum Exporting Countries, oil markets will continue to tighten over the next 2 years, EIA said in its latest Short-Term Energy and Summer Fuels Outlook.This will result in an expected drawdown of petroleum inventories and a call for greater production from OPEC members, which will reduce surplus crude oil production capacity at a time when the disruption of crude oil exports from Libya and continuing unrest in other Middle East and North African countries already highlight supply risks, EIA said.EIA projects that the price of West Texas Intermediate crude will average $106.38/...
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