The International Energy
Agency (IEA) expects the world will need another 900,000 bpd in the second
half, on top of the 400,000 bpd OPEC increase in April, but the IEA doesn't
know where it will come from given production problems in Nigeria, Angola, Libya,
South Sudan, Columbia and Kazakhstan.
Global crude inventories are below normal. (FT, Friday, p15)
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