World Market Balance is Tight, But Similar to 2003
Source: International Energy Agency
Venezuela
SAnalysts usually watch inventories, which measure the balance between supply and demand, for signs of changing market tightness and thus price movements.

SInventories have been low this year, indicating a tight market, but they have been no lower than seen in 2000 or last year at this time, and we did not see crude oil prices near $50 per barrel back then.

SWhat is different now?