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Both OPEC and the International Energy Agency, which represents consumer countries, expect global consumption to increase by about 1.36 million barrels a day next year.Drivers in India were paying record prices for gasoline and diesel earlier this month, even with crude still about 45 percent below its 2008 peak.Chinese drivers have also seen prices at the pump rise by 28 percent over the past year.The IEA puts OPEC's spare capacity at 2 million barrels a day.Actual capacity immediately available may well be less than half the amount identified by the IEA. That constraint should help to support oil prices until additional supplies become available.
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