The International Energy Agency yesterday stated that "there is a clear, urgent need for additional [crude oil] supplies to prevent a further tightening of the market."
This is a shocking admission from an agency that just cut global oil demand estimates last week, causing a brief 'flash crash' in oil futures.
Global demand for oil increases seasonally from May to August, and production of high quality Libyan oil remains offline.
The crude oil supply/demand is discussed today - and why we are headed for much higher crude oil prices - in a 15 minute interview with Jim Puplava:
This can only be good news for crude oil, natural gas, and coal, companies and mineral owners.