OGJ Newsletter

Market MovementEIA: Oil prices to riseOPEC's decision to cut 1.5 million b/d beginning Jan. 1 is expected to gradually push oil prices up this year, according to EIA. The agency projected WTI prices will rise to $25-26/bbl by yearend and remain there through 2003.EIA's oil demand projections for 2002 suggest worldwide demand growth of 800,000 b/d. With an anticipated recovery of the global economy by yearend, oil demand could increase by as much as 1.3 million b/d in 2003 over 2002 levels, with about half of this coming from the US, EIA said."For 2002-03, worldwide jet fuel demand is still assumed to be about 5-7% below what would have been expected prior to the Sept. 11, 200...

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