Forecast and Review Non-OPEC Oil Supply Gains To Outpace Demand In 1997

Robert J. Beck Associate Managing Editor-Economics Worldwide Supply and Demand [70220 bytes] Rising oil supplies in 1997 will relax some of the market tightness that drove up crude prices last year. Worldwide demand for petroleum products in 1996 rose faster than anticipated and faster than supply from outside the Organization of Petroleum Exporting Countries. This increased demand for OPEC oil and pushed up prices for crude. At yearend, the world export price of crude was up more than 25% from the same period a year earlier. Market conditions will change in 1997. While worldwide economic growth will continue to boost demand for energy and petroleum, non-OPEC petroleum su...

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