Countries outside the Opec oil cartel will barely be able to increase their production of crude oil over the next five years for the first time in the industry's history, the western countries' energy watchdog warned yesterday.

The International Energy Agency's dim forecast to 2013 suggested record oil prices have yet to balance sluggish supply with relatively robust demand.

"Structural demand growth in developing countries and ongoing supply constraints continue to paint a tight market picture over the medium term," the IEA said in its Medium-Term Oil Market Report. ... Read full article