Speaker at Illinois Oil and Gas Assoc. says world needs 40 milion more barrels

CourierPress

Oil demand outweighs supply

A decline in OPEC’s production capacity and a rapid increase in demand have combined to make recent oil price increases permanent, a market expert said Thursday.

In a speech before the Illinois Oil & Gas Association’s annual convention at the Executive Inn, Bill O’Grady, director of futures research at A.G. Edwards & Sons, said signs suggest current oil production can’t meet expected future demand.
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