CERA: Demand drop to push oil prices lower in 2002

01/07/2002
World oil prices should average $6/bbl less this year as the market seeks equilibrium as demand slides.Joseph Stanislaw, president of Cambridge Energy Research Associates, made that prediction earlier last month as CERA issued its "Global Oil Trends 2002" analysis, prepared in partnership with Sun Microsystems Inc."Fear of a recession has a grip on the market. It´s not a war between the Organization of Petroleum Exporting Countries [and] non-OPEC nations. It´s a war against dropping demand," Stanislaw said.He said that after the 1997-98 market shock, world producers reached general agreement on curtailing production. "I´m quite impressed it´...
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