Supply-demand disparity tops 1998 oil trends

Global oil markets were characterized by oversupply and falling prices in 1998. This trend marked a turnaround from recent years, when supply and demand were relatively balanced. Demand growth began to slow in late 1997, as the effects of the Asian economic crisis began to take hold. But markets did a turnaround in 1998, and demand growth for the year was at its lowest level since 1985. These are the conclusions of the latest annual analysis of world oil trends by Arthur Andersen and Cambridge Energy Research Associates (CERA). The firms revealed the results of their joint analysis in Houston last month (OGJ, Feb. 15, 1999, Newsletter). "Over the last several years, there...

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