Oil supply to meet global demand for decades to come: OPEC

He said that the rapid rise in crude oil prices was a result of an exceptional combination of factors, in particular, the unanticipated demand surge in Asia and the United States, refining and distribution industry bottlenecks, temporary supply disruptionsas well as geopolitical tensions.

“Consistent with its key objective of maintaining market stability, OPEC responded to the surge in oil demand and rapid price escalation in 2004 by increasing its official production ceiling by a total of 3.5 million barrels a day,” he said.

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