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EU commissioner rules out shortage of crude oil supply in next 5 years

There will be no shortage of crude oil supply in the next five years worldwide although the international oil prices keep increasing, European Union’s energy commissioner said Wednesday on a forum in Austria’s west city of Alpbach.

Andris Piebalgs, energy commissioner of the EU, predicted the international oil prices might rise to $80 dollars per barrel. “However, we would not hereby believe that the shortage of the world crude oil supply would come in the next five years,” Piebalgs said. He also said EU has got along well with OPEC on energy cooperation and the oil cartel promised sufficient supply to EU.

International crude oil prices have been on the rise as global economic activities surged over the last few years, and volatile situations in some oil-exporting countries added to the concerns over a possible shortage of oil supply. (