OGJ Newsletter

Market MovementThis special analysis of the IEA's Oil Market Report and its effects on the international oil market was provided by Marilyn Radler, Economics Editor. Global oil supply-demand balance tighteningHow has the global supply-demand balance changed over the past few years? This is the focus of IEA's Nov. 9 Oil Market Report (OMR). Despite raising quotas four times this year, OPEC's current production target is 600,000 b/d below its February 1998 output. Production restraint during the past 3 years has removed 1.9 billion bbl of OPEC crude from the market. Meanwhile, global oil demand has increased since 1997 by an average of 2 million b/d/year, or a total of more th...

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