/ Source: Reuters
WASHINGTON (Reuters) - Crude oil prices may rise if OPEC ministers meeting in Nigeria this week decide to reduce oil output again because of worries that non-OPEC supplies may rise at a greater rate than world oil demand in 2007, the U.S. Energy Information Administration warned on Wednesday.
"Any further OPEC production cuts now, based on concerns that non-OPEC supply growth will exceed demand growth next year, could put upward pressure on oil prices in today's market," the EIA said in its weekly review of the oil market.
The agency said its latest forecast "suggests the need for increases rather than decreases in OPEC members' production over the coming year."