OGJ Newsletter

03/29/1999
U.S. INDUSTRY SCOREBOARD 3/29 [43,848 bytes] Last week's agreement between OPEC and non-OPEC oil producing nations to cut crude oil output (see story, p. 18), in conjunction with fundamental corrections already under way, has set the stage for a turnaround in world oil markets. That's the view Purvin & Gertz's Ken Miller presented to the firm's seminar at The Woodlands, Tex., last week. WTI will move to sustainable levels greater than $15/bbl over the next 12 months, said Miller, if OPEC members can average at least 75% compliance with pledged cuts. Reduced non-OPEC supplies and an inevitable recovery in global demand will ensure a fir...
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