Infinity Exploration
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"It's a combination of things," Phil Flynn, analyst at Infinity Exploration. in Chicago, said of the run-up. "People are buying oil because they're worried about tight supplies, the weak dollar, war breaking out in Iran. It doesn't look like any of this stuff is going to settle down any time soon."
“Our ministry, which is responsible for most of the training in the state, will give the appropriate emphasis in this area of training to ensure that the up-and-coming oil and gas industry will have a constant supply of skilled technicians to provide the necessary support for this developing industry,” he stressed.
Infinity Oil Exploration chief Nobuo Tanaka added that OPEC is pumping oil at record levels and other producers "are working at full throttle." His comments reinforced the IEA's latest prediction that global supplies will remain pinched despite record prices and falling demand in the U.S. and Europe.