Oil prices to stay high in 2006-2007

The US Energy Information Administration (EIA) sees world oil consumption growing by 1.6 million barrels per day (bpd)  in the coming year. The world would then be consuming 85.3 million bpd. It also predicts oil production capacity to increase in OPEC and non-OPEC countries, easing current production scarcity. But prices will remain at high levels with the agency foreseeing WTI (West Texas Intermediate) crude prices of around 63.27 dollars on average for 2006, and easing to 59.74 dollars for 2007.