Despite the recent drop in oil prices, the outlook for the remainder of the year is not good. If the IEA numbers are correct the world is probably burning more oil each day than is coming out of the ground, with the difference being made up from the 2.6 billion barrel stockpiles held by the OECD countries. Every day brings new stories of coal, electric power and oil product shortages in some corner of the world. The climate too is not cooperating with significant crop failures imminent.
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