Growth In World Demand For Oil To Ease In 1998

Robert J. Beck Associate Managing Editor-Economics Worldwide Supply and Demand [88,863 bytes] Increasing international supplies of oil and slowing demand growth threaten to weaken prices this year. In 1997, worldwide demand for petroleum products, boosted by an early-year stock build, grew faster than did supply from outside the Organization of Petroleum Exporting Countries. The market remained in balance for most of the year and supported crude oil prices in the range of $17-20/bbl. But crude oil prices weakened in December. The average world export price fell to an estimated $16.40/bbl in December from $18.86/bbl in October and $18.27/bbl in No...

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