At the centre of today's oil market is competition between China and the US.Consumer demand in this bipolar world has driven up oil prices,but market signals between key exporters in the Mideast Gulf and the two main consumers are weak.This adds to oil price volatility and blurred investment incentives.Producers and consumers need to accept volatile prices as the cost of energy security guaranteed through market efficiency,according to BP as it launches the latest BP Statistical Review of World Energy.
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