OGJ Newsletter

Global oil markets dipped slightly just before the end of the year in response to news that OPEC had stepped up production to prepare for possible supply problems associated with the Year 2000 computer bug.OPEC compliance with pledged production cuts was down to a reported 70% at year's end. In London trading Dec. 30, Brent for February delivery lost 37¢/bbl on the day, to close at $25.08/bbl. In New York, February-delivery NYMEX crude was down 87¢ to $25.60/bbl. By mid-morning Jan. 4, the NYMEX futures price had risen to $26.54/bbl, as traders learned there had been no reported supply problems resulting from the much-hyped Y2K bug.In fact, the global energy sector-and indus...

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