-- Letters The antidumping suit filed by some U.S. oil producers against Mexico, Venezuela, Saudi Arabia, and Iraq, is "dj vu all over again": the so-called "Arab oil embargo" against us in 1973.
-- Washington Watch Production slide
The American Petroleum Institute reports U.S. oil production for the first 6 months of 1999 it was 8% lower than a year ago. API said this year's first half production was the lowest of any 6-month period since 1950.
-- Dumping petition The International Trade Commsision plans hear a petition July 20 in which Save Domestic Oil Inc. alleges that Iraq, Saudi Arabia, Venezuela, and Mexico have been dumping their oil production on the U.S. market. ITC plans to decide by Aug. 13 whether to recommend the Commerce Department impose antidumping tariffs.
-- Are oil prices going to spike up in the second half? With the $20/bbl barrier broken, the bears are now officially in retreat regarding oil price movements for the rest of the year, with no less an august presence than the IEA suggesting that there may well be a shortfall of oil supplies in the fourth quarter. And some analysts see oil prices staying above $20/bbl in the fourth quarter.