OGJ Newsletter

07/03/2000
Market MovementOil prices persist above $30/bbl despite OPEC increaseOil prices remain stubbornly above $30/bbl, despite OPEC's announcement of a 708,000 b/d production increase.This points to two things: the driver of high gasoline prices in the US, propelled by parochial elements; and the market's perception of greater-than-expected underlying oil demand growth worldwide-especially in Asia. Click here to enlarge imageWhile OPEC and US Republicans point to environmental considerations as the chief culprit in the US gasoline price debacle (see related stories, pp. 24 and 26), some analysts look to the prospect of high oil prices being sustained if those high-case world oil deman...
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