OGJ Newsletter

Due to a holiday in the U.S., data for this week's Industry Scoreboard are not available With dated Brent crude oil trading below $10/bbl again, the oil price gains of January have evaporated, and the outlook for producers is bleak. This is the view of London's Centre for Global Energy Studies (CGES), which said oil inventories at the beginning of 1999 were sufficient to meet 92 days' worth of forward consumption-7 days more than in early 1998. "The outlook for prices has deteriorated," said CGES, "and will remain grim as long as the inventory overhang is not dealt with. OPEC's members need to reduce their output, if they wish to se...

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