EIA: Global oil markets to tighten in next 2 years

01/17/2011
Nick SnowWashington EditorThe US Energy Information Administration anticipates that global crude oil markets will tighten over the next 2 years as annual consumption grows by an average 1.5 million b/d and growth in supplies outside the Organization of Petroleum Exporting Countries increases less than 100,000 b/d yearly, EIA said in its latest Short-Term Energy Outlook."Consequently, EIA expects the market will rely on both inventories and significant increases in production of crude oil and non-crude liquids in OPEC member countries to meet world demand growth," it said. "While onshore commercial oil inventories in the Organization for Economic Cooperation and Development ...
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