World Bank Warns Of Global Oil Crunch By 2015

oil rig

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The Consultant on Oil and Energy Affairs for the World Bank warned Wednesday that the world faces an oil supply crunch by 2015 with prices likely to exceed 2008 levels of $147/barrel, reports Khaleej Times (via The Oil Drum).Dr. Mamdouh Salameh cited China and the declining influence of the OPEC among the factors influencing the impending global oil market crisis. 

“Today, OPEC still has little spare capacity and therefore can no longer influence the global oil market and the oil price,” Dr. Salameh said at an energy conference in the UAE capital. 

As a result, oil prices will continue to climb in the coming years as the OPEC has less control over production.

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