Oil industry representatives are treating a recent rise in the price of crude oil with caution. At the ninth Oilfield Breakfast Forum in Houston on Mar. 12, talk was more of fundamental change in the industry than of a quick return to the prosperity of 1996-97.
The day before the forum, the New York Mercantile Exchange futures price for light, sweet crude closed at $14.31/ bbl, nearly $2/bbl more than its low of mid-February.
Allen Brooks, CIBC Oppenheimer & Co. Inc. executive director of oilfield service industry research, warned of conflicting expectations for production cuts by members of the Organization of Petroleum Exporting Countries.