OGJ Newsletter

04/12/2004
Market MovementHigher oil prices forecastAs the Organization of Petroleum Exporting Countries' production quota reduction to 23.5 million b/d went in effect Apr. 1, Jefferies & Co. Inc. in New York raised its price forecasts for benchmark US crude to $31.25/bbl from $28/bbl for 2004 and to $28/bbl from $26/bbl for 2005."Increasing global oil demand combined with OPEC's continued discipline—even with Iraq production ramping up and former Soviet Union oil production also rising—should provide a solid underpinning for oil prices for the foreseeable future," said Jefferies analyst Stephen D. Gengaro.Gengaro expects world demand for oil to increase by 1.7 million b/d to 80....
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