Crude oil prices all set for continued rise

The oil market is likely to experience a price crisis this winter; stock cover is still high, but it will take a big tumble in the second half of 1999.This rosy outlook for oil producers comes from London's Centre for Global Energy Studies, which also said that it is in the interests of the Organization of Petroleum Exporting Countries to boost output sooner rather than later.The most recent production figure estimates for OPEC, published by the Middle East Economic Survey, show that while the organization actually increased its total output by 285,000 b/d in July to 26.12 million b/d, the rise was entirely down to Iraq's hike of output by 470,000 b/d.This meant that the ten membe...

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