International Energy Agency head Nobuo Tanaka states that the world is in the grip of an "oil shock."
In its annual Medium Term Report, EIA said the world's estimated daily oil needs would rise from 86.87 million barrels this year to 94.14 million barrels in 2013. This is less than it anticipated in its 2007 report due to record high prices.
"We are clearly in the third oil price shock," declared Tanaka,
comparing the effects of pricey petroleum now to periods of soaring
prices in the 1970s and 1980s.
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