OGJ Newsletter

U.S. Industry Scoreboard 12/30 [69438 bytes] Despite predictions by some OPEC ministers that world oil markets could absorb Iraq's resumed limited oil exports, OPEC's secretariat indicates otherwise (OGJ, Dec. 16, p. 21 and Newsletter). OPEC's secretariat contends that a contra-seasonal stock build of 500,000-600,000 b/d could occur in first quarter 1997, resulting in lower prices. In contrast, a 1.2 million b/d drawdown occurred last year, stemming from production disruptions and cold weather. Fourth quarter 1996 stocks are building at a rate of 300,000 b/d, OPEC's secretariat said. It notes oil markets would be in balance in the first quarter had Iraq not ree...

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