CGES casts doubts on OPEC's cutbacks

Crude oil prices are on an upward trend as the market looks set to tighten, but it is not tight yet, and a return to higher production would kill the recovery. This is the view of London's Centre for Global Energy Studies (CGES), which said that robust demand growth in the Organization for Economic Cooperation & Development is confounding all expectations. The analyst reported that OECD oil demand growth in the first quarter was 3.2% higher than for the same period last year, raising hopes that OECD demand could rise by almost 1 million b/d in 1999. Meanwhile, production outside the Organization of Petroleum Exporting Countries is unlikely to rise much, and oil produc...

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