OGJ Newsletter

02/01/1999
U.S. INDUSTRY SCOREBOARD 2/1 [44,068 bytes] Cold weather in North America and strong refiner crude purchases in the Far East have strengthened oil prices, but the rally cannot last, because market fundamentals are too weak. So says London's Centre for Global Energy Studies (CGES), which believes further oil production cuts of 1 million b/d are needed from OPEC. The analyst said such further cutbacks would lead to a recovery of dated Brent crude prices to an average $15/bbl in the fourth quarter, and that Saudi Arabia might cut further if other OPEC members would do so, too. Brent rallied above $10/bbl early this year and has since stayed mainly at $10...
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