EIA sees world oil prices over $22/bbl in 2002-03

The US Energy Information Administration predicted that the Organization of Petroleum Exporting Countries will maintain quotas to ensure world oil prices remain above $22/bbl over the next 18 months."Moderate OPEC restraint, combined with accelerating world demand growth later in 2002 and into 2003 is expected to maintain elevated prices," EIA said in its latest monthly outlook on energy supply and demand.World oil price markers fell in June, with both North Sea Brent crude oil and the OPEC basket prices averaging $1-1.50/bbl below May averages. Nevertheless, June marked the fourth consecutive month that the OPEC basket price averaged above $22/bbl, the lower end of OPEC's target rang...

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