After Monday's massive reduction by the US Department of Energy of oil demand in the US, the International Energy Agency (IEA) affected the oil market on Tuesday. The IEA lowered its estimate of supply growth outside OPEC in 2009 and 2010 by 1 million barrels a day for both years. Also, the IEA stressed that the main reason for the rising oil prices is disappointing growth in supply since 2004 and bottlenecks within crude oil refining. The IEA expects OPEC's surplus capacity to peak in 2010 Read More...

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