World oil demand rises despite higher prices as production struggles

World consumption of crude oil and natural gas is up, and production is struggling to keep pace with it. As usual the fundamentals of supply and demand are driving the petroleum market.Demand for petroleum products will escalate this year in spite of rising prices. Gasoline demand will hardly be stifled as US economic expansion lives on. Click here to enlarge imageUS crude oil production will continue to decline, creating greater dependence on imports of crude and products. Inventories of crude oil will have a chance to build slightly by yearend as additional supply enters the market primarily from members of the Organization of Petroleum Exporting Countries (OPEC). Click here to enlarg...

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