BP Amoco chief economist: 1998 bucked industry trend

World energy developments in 1998 differed significantly from those of the last decade in some key ways. Energy consumption growth was virtually flat, and oil prices were very weak, driven down by warm weather, Asia's economic crisis, and an abundance of oil and gas. This was the view presented by Peter Davies, chief economist of BP Amoco plc, at the launch of the BP Amoco Statistical Review of World Energy for 1999. 1998 remembered "Nineteen ninety-eight," said Davies, "will be remembered as a year of crisis for the oil markets as oil prices hit 25-year lows. For the year, Brent crude averaged $13.11/bbl, one third ($6.19) lower than in 1997 and the lowest annual fig...

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