Industrialised countries could be facing the prospect of an oil supply squeeze and higher prices later this year unless production is lifted, according to a report just released by the International Energy Agency. In its latest Oil Market Report, the IEA says recent production gains will not be sufficient to meet market needs in the second half of the year when consumption picks up. “Crude prices remain elevated and forecast balances call for a significant rise in OPEC production from current levels for the second half of the year,” the IEA said. The IEA says OPEC nations will have to increase third quarter production by another 900,000 barrels per day from current levels to 30.7 million barrels per day to meet the expected demand. “While OPEC has more than enough capacity to deliver, it remains to be seen whether it will manage to overcome the above-ground hurdles that have […]