5/23/2008

The world oil market has been tilting from shortage into surplus for several weeks, possibly presaging an end to almost daily new record prices. OPEC's monthly report says supply in April already exceeded this quarter's average monthly demand. Nigeria and Iraq are overcoming saboteurs and increasing production, while Saudi Arabia bowed to U.S. demands and will also pump more. Non-OPEC countries Norway, Britain and Mexico are seeing less production. But Brazil, Azerbaijan, Sudan and the U.S. are delivering increases, the U.S. Energy Information Agency said.

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