OGJ Newsletter

04/17/2000
Click here to enlarge imageAt first glance, OPEC's recent decision to hike output in order to rein oil prices seems to be taking hold on markets (OGJ, Apr. 3, 2000, p. 26).Brent fell to a 3-month low Apr. 10 to $21.30/bbl, down $1.28 from Apr. 7. OPEC's basket price fell as well, closing at $20.99/bbl Apr. 10 vs. $22.24/bbl Apr. 7. Both markers have plunged more than $7/bbl in the past month.However, IEA says oil markets are likely to remain tight despite OPEC's commitment to boost its production. IEA says more crude will be needed to meet market demand and keep prices at current levels. The agency expects global demand in 2000 to average 76.7 million b/d, up about 2.1% from...
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