The world needs more oil

Oil traders face an interesting test. And oil producers who still think traders set the price of oil are witnessing an enlightening reassertion of market fundamentals.The market is changing rapidly. Demand continues to rise despite last year's price gains. Inventories are draining. An end is in sight to the unusually large contribution stocks have made to supply for more than a year. To meet demand at projected levels, members of the Organization of Petroleum Exporting Countries will have to increase production. And they will have to do so fairly soon.The fundamentals shiftThe challenge for traders is to recognize the shift in market fundamentals. OPEC members as a group need to produ...

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