There is no slack in the system. The world has not really been awash with oil since the beginning of 2007 when oil prices started their inexorable rise with only minimal and shortlived corrections. '; But OPEC may come galloping to the rescue. Well, probably not a gallop, more a gentle trot. But the various shortfalls have finally been noticed in Vienna. Its own share of world crude output was down by 330,000 barrels per day last month because of pipeline damage and strikes in Nigeria and by interruptions in Iraq.
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