Crude trades are forecast to rebalance increasingly towards Asia at the same time as tonne-mile demand will decrease and aggregate flows will decline, according to the International Energy Agency (IEA). The North American crude oil boom will continue to affect world markets. In light of the current insurgency facing Iraq, how does the growing 'energy independence' of North America affect world oil markets? Just as pressingly, if Iraq holds most of OPEC's growth potential, what impact will the insurgency there have on this important supply of crude? The IEA's Mid-Term Oil Market Report released last week looked at the world oil markets up to 2019, and has a cautious outlook for supplies and a revised view of world seaborne trading.
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