OGJ Newsletter

04/26/1999
U. S. industry scoreboard 4/26 [44,095 bytes] Despite a recent sharp rebound in oil prices, the damage done from last year's slump will continue to hobble U.S. oil production through 2000. That's the gist of the IPAA supply and demand committee's latest short-term forecast. The committee also predicts a 7.8% drop in U.S. crude oil output to 5.75 million b/d in 1999 and a further 1.7% decline in 2000-the lowest U.S. level in more than 50 years. The oil crunch is spilling over into U.S. upstream natural gas as well, as the committee predicts a decline in U.S. gas production of 1.2% to 18.75 tcf in 1999, mainly in response to capital spending cuts sl...
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