Forecast: price spike; history: price slump

09/09/2002
Will the ghosts of Jakarta hover over the meeting of Organization of Petroleum Exporting Countries oil ministers in Osaka Sept. 19?Even as US benchmark oil prices continue to hover near $28-30/bbl, some see troubling signs on the horizon that echo the disastrous OPEC meeting in Jakarta in December 1997 that led to a collapse in oil markets.While there may be argument over the size of the "war premium" in current oil prices stemming from the threat of war between the US and Iraq, there is no dispute that it exists.Lurking behind that war premium may be an oil price slump waiting to happen, however.Ghosts of JakartaThe Centre for Global Energy Studies reminds us of the Jakarta OPEC meeting ...
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