‘Tight supply of crude oil a cause for concern'

CHENNAI: Chemical Industries Association, a Chennai-based apex body of chemical industries all over India, organised a brain-storming session on crude oil price fluctuation and its implication,  in the city on March 2.

The session was attended by 22 delegates from a cross-section of industries.

The meet discussed the tight crude oil supply situation in the global market, which is likely to continue till production increases by renewed exploration efforts and new discoveries of oil fields.

“Politically-sensitive OPEC countries such as Egypt, Venezuela, Libya, Nigeria, Iran, Iraq,  produce substantial percentage of the world’s total crude oil requirements. In the situation of tight supply, even any marginal shortfall in production in the above regions would lead to huge increase in prices of crude oil.

“This appears to be an inevitable condition,” said a release from the agency.

(Source: http://expressbuzz.com/cities/chennai/%E2%80%98tight-supply-of-crude-oil-a-cause-for-concern/253780.html)