OGJ Newsletter

06/19/2000
Market Movement$30 oil but OPEC not budgingOil prices remain well above $30/bbl, which is starting to boost non-OPEC oil supply and squeeze demand, yet the signs from OPEC are that it seems to be unwilling to budge on production hikes.Higher oil prices and increased FSU exports prompted IEA to cut down its demand projections for 2000 crude oil to an average 76.2 million b/d, vs. its May estimate of 76.5 million b/d. Despite weakening demand, oil prices remain at $30/bbl as advance purchases by refiners and tight product markets in the US pressure demand. IEA says demand for the second quarter 2000 averaged 74.4 million b/d, vs. its earlier forecast of 75.1 million b/d. Fourth quarter dema...
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