In January, Ali Naimi, the Saudi oil minister, said that the world's largest oil producer aimed to keep oil prices at the triple-digit level throughout 2012.
According to its medium-term projections, the IEA said world oil demand for 2009-2015 would grow by an average of 1.4 million bpd each year, higher than its previous forecast made in June.
He also leveled an ominous warning at the small states dotting the western shores of the Persian Gulf, many of which were allied coalition members during the 1991 Gulf War and are longtime members of the Organization of Petroleum Exporting Countries (OPEC) -- a cartel that has too much influence in world oil markets, he said.
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"What we have is a world class oil field sitting below a world class city, " said John Martini, manager of governmental affairs for Plains Exploration and Production Co.
Saudi oil minister Ali Naimi said countries around the world needed to work together to ensure energy supplies remained "secure and reasonably priced".
Europeans realize that the oil price is set by the world market, Dings said.
On the world's reliance on oil, Daniel Franklin said that enormous progress had been made in bringing down the cost of solar energy and new forms of gas, adding that we should "look head on at risks" but we also need a corrective to look at the bigger picture.
Ali Khadr, the World Bank's Chad director, said oil would begin flowing from the country's southern Doba oilfield in July 2003.
LONDON, England (CNN) -- OPEC's deliberations to cut oil output in March could depress fragile world economies, commentators said.
China could overtake the U.S. as the world's largest oil importer by 2014, OPEC said, the latest evidence of how the American shale boom is reshaping global energy markets.
"The sanctions will force a choice between buying Iranian oil or engaging in the US financial system, the largest in the world, " said Brian Katulis of the Center for American Progress.
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The MCA said tests showed it to be "common fuel oil" used by ships all over the world.
However, compared with its task in helping to rebuild Afghanistan, the World Bank said that Iraq had two advantages: a skilled and educated workforce, and huge oil reserves.
Earlier this month, Chinese Vice President Li Yuanchao also toured Venezuela and said he was interested in boosting investment into the country with the world's largest proven oil reserves.
The US will overtake Saudi Arabia as the world's biggest oil producer "by around 2020", an International Energy Agency (IEA) report has said.
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