Oil supplies will remain tight despite record prices that have reduced demand, according to the International Energy Agency, and its executive director said Tuesday that the world is in the grip of its third "oil shock."
Downsizing its estimate of how much oil will reach the market, the IEA predicted supply will exceed projected demand only by 2 million barrels a day -- a thin cushion.
The IEA is the energy watchdog for the Organization for Economic Cooperation and Development, a grouping of the world's most industrialized countries.

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