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Oil shortage may set in by 2016

If crude oil prices move below US$60/bbl and stay there for even six months it could prove catastrophic to non-Opec supply.

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If oil supply falls too far, we could see petrol prices doubling within 18 months. For a commodity as critical to our standard of living as oil is, it only takes a small shortage to drive up the price.

LOW oil prices today may be setting the world up for an oil shortage as early as 2016. Today we have just 2 per cent more crude oil supply