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The International Energy Agency (IEA) Executive Director Fatih Birol, speaking to Bloomberg TV this Tuesday, was noted saying that the oil market is very tight and may well look again at demand forecasts as prices climb.

Additional quotes:

   “¢   More supply of oil required, but demand is currently strong.
   “¢   Sees 4Q highly challenging for the oil market.
   “¢   Saudi Arabia can pump up to 11 million bpd if required.  
   “¢   Venezuela market is in freefall, may soon go below 1 million bpd.