OPEC President-In-Waiting: Demand Is Outstripping New Capacity

OPEC’s President-in-waiting, Nigeria’s Oil Minister Edmund Daukoru, said late Saturday that the group should maintain its current output policy as global oil demand continued to outstrip new capacity gains.

In telephone interview with Dow Jones Newswires, Daukoru, who becomes president Jan. 1, said: “Demand is rising as fast as any new capacity is coming on. I don’t see anything happening going into the second quarter that will push prices down below $48 a barrel” for U.S. light, sweet crude futures.
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