Oil Demand to Hit Record, OPEC Boosts Output

Reuters reports that rising OPEC production and oil stocks in developed nations is likely to limit further spike in oil prices despite demand hitting an all-time high later this year.

The market news is quoted as saying:

Although growth would be nearly half of the unexpectedly strong growth in 2010, the world oil demand will surpass 90 million barrels per day in late 2011 for the first time.

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