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Oil supplies expected to remain tight despite OPEC decision

09/24/2007
Crude oil supplies are expected to remain tight despite the Organization of Petroleum Exporting Countries’ decision Sept. 11 to increase authorized production by 500,000 b/d starting Nov. 1, two US government forecasters said.Most outlooks already included such an increase when OPEC took its action, according to Matt Cline and Erik Kreil, economists at the US Energy Information Administration. “We’d built another 500,000 b/d into our forecast. We think OPEC will have to keep raising production to keep inventories from plummeting,” Kreil told OGJ on Sept. 14.In its latest short-term energy outlook, which EIA released on Sept. 11, the US Department of Energy forecast...
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