I thought the following OPEC chart was enlightening and one more piece of the oil puzzle worth posting:
Is Japan's low taxing fostering a higher cut for the oil industry? ...which would be very bad news for the average japanese.
And what are Italy and Germany doing to get those sweet breaks in industry margins? There could be a lesson to learn there too...
BTW, according to a recent Reuter's article dated July 17, OPEC forecasts a 1.3 million bpd increase in demand for 2007 to 85.9 mbpd, slightly less than the 1.4 mbpd increase expected for 2006.
OPEC further predicts a slower 4.2% world GDP growth for 2007, compared to an expected 4.7% growth for 2006.