Crude Production at 99% of capacity – IEA

The EIA said world crude production was running at about 99 percent of capacity, spelling continued high prices into the foreseeable future.

“Any industry in which production is running at 99 percent of capacity to meet demand is likely to experience price pressure and there is no reason to expect that crude oil markets would not reflect these same fundamental economic forces,” the EIA said in its weekly review of the oil market.

Reuters