OGJ Newsletter

08/02/1999
Oil market analysts are looking for continued tightening of the supply-demand balance and further improvements in fundamentals."With OPEC maintaining production discipline and demand increasing, we anticipate tighter world crude oil markets to prevail in the second half," said Hornsby & Co. in its mid-July short-term outlook. "Consequently, we are revising our crude oil price outlook upward for the third quarter to $22/bbl." Hornsby expects fourth quarter oil prices to decline slightly because of expected production increase by Iraq and the possibility that OPEC will relax production re- straints if prices rise above $22/bbl. PaineWebber, meanwhile, predicts OPEC will not increase pro...
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