Market surprise, technical advance expected in 2005

A year of market surprise and technical advance lies ahead for the oil and gas industry.Nearly everything that happens in the markets for oil and natural gas will contradict forecasts. There are too many variables. Will Iraqi oil production rise or fall? Will Russian production maintain its strong growth? Will political unrest halt oil output in Nigeria, Venezuela, or another important exporter? Will Chinese demand keep climbing? Will the dollar regain lost value? Will weather in the remaining Northern Hemisphere winter be warmer or colder than normal?Questions like those can't have answers at this point. And hovering over all of them is this: Has the ground shifted beneath oil supply...

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