OGJ Newsletter

10/06/2003
Market MovementWorld oil surplus predicted for springThe Organization of Petroleum Exporting Countries' decision to cut production quotas was a step in the right direction, but it will not be enough to prevent additional oil price declines, analysts said.The 900,000 b/d production cut, effective Nov. 1, that OPEC has mandated is less than half of the reduction needed to prevent a glut of oil on world markets by Mar. 31, said Stephen A. Smith, founder and president of Stephen Smith Energy Associates, Natchez, Miss. Click here to enlarge image"Our supply-demand balances for the next 2 quarters suggests the need for a 2 million b/d OPEC-10 [currently active OPEC members, minus Iraq]...
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