Brenda Shaffer in Nikkei Asian Review
Global economic growth has led to increased demand for oil, while production in several major countries, such as Venezuela, has significantly declined, said Prof. Brenda Shaffer, Center for Eurasian, Russian and Eastern European Studies at Georgetown University. She added that the latest U.S. data signal that the economy is growing at a healthy clip, "and with that goes the demand for oil."
"A vastly tightened global oil market that now has little excess in supply," she said.