OPEC blames crude's threefold price rise over the past three years on the weak U.S. dollar and on speculators.Oil's future: A trader's viewMore VideosMADRID, Spain (AP) -- Oil supplies will remain tight despite record prices and reduced demand, even though costly crude is putting a crimp in world consumption, the International Energy Agency said Tuesday.Downsizing its estimate of how much oil will reach the market, the agency said supply and demand figures will be close through the next five years, despite lower overall estimated hunger for crude as the world adjusts to record prices and cuts its consumption.Skyrocketing pricesIn its annual Medium Term Report, the agency said the world's estimated daily oil needs would rise from 86.87 million barrels this year to 94.14 million barrels in 2013 -- less than it anticipated in its 2007 report because of skyrocketing prices.
In percentage terms, the agency said there will be 1.40% less demand this year and 3.43% less in 2012, the last year for which the report gave percentage figures.
The energy agency predicted supply will exceed projected demand only by 2 million barrels a day -- a relatively thin cushion.
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