EIA forecasts increases in crude oil price

The U.S. Energy Information Administration has predicted world oil prices, as indicated by the price of U.S. oil imports, will climb from $9.25/bbl last December to about $13 by yearend 1999. EIA's latest short-term energy outlook predicts the world oil price would exceed $14/bbl by yearend 2000-still below the 1997 average of $18.60. Supply/demand EIA said world oil supply is expected to increase only 600,000 b/d in 1999 and another 1.1 million b/d in 2000. "Meanwhile, world oil demand is expected to grow at a faster rate through 2000 than it did in 1998, suggesting an end to the build-up of world oil stocks seen since 1995, EIA said. It said that, despite an a...

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