File - A rig contracted by Apache Corp drills a horizontal well in a search for oil and natural gas in the Wolfcamp shale located in the Permian Basin in West Texas in this file photo from October 29, 2013. REUTERS/Terry Wade
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Fighting across Iraq, Libya, Ukraine and Gaza, and an accelerating economy, should mean higher oil prices.Six years ago, oil soared to a record $147 a barrel as tension mounted over Iran's nuclear program and the world economy had just seen the strongest period of sustained growth since the 1970s.The U.S. is pumping the most oil in 27 years, adding more than 3 million barrels of daily supply since 2008 .Saudi Arabia, the world's largest crude exporter, has been very reactive to oil price moves resulting in markets that are the most stable since the early 1970s, the bank said in a report Wednesday.The recent decline in oil prices may prove to be just a phase as global demand is forecast to pick up in the second half of the year, Bhushan Bahree, senior director of global oil at IHS Energy, said by phone Tuesday.Supplies from the Organization of Petroleum Exporting Countries, which pumps about 40 percent of the world's oil, rose to a five-month high of 30.44 million barrels a day in July as Libyan output recovered and Saudi Arabia increased production, the IEA said.U.S. output has meanwhile risen 2.61 million barrels a day since the end of 2011 .
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