"Expectations of a higher trend in oil demand growth appear justified, as non-OECD economies take a larger share of the world oil market. But there appear to be enough supply-side projects to match that growth," the IEA said in its November report referring to the future prospects for the supply/demand balances.

See more industry/OPEC viewpoints at http://www.platts.com/Oil/Resources/Quote%20of%20the%20Day/