Stocks and oil prices

An easily overlooked number in this week's Forecast & Review special report raises important questions for the oil and gas industry (p. 44). It is the average 1 million b/d of supply assumed to be available to the global market from inventory-or stocks-over the course of 2000.A warning that appeared in this space last week about the world's need for more oil alluded to that heavy stock draw, which follows an even larger withdrawal, estimated at 1.4 million b/d, in 1999 (OGJ, Jan. 24, 2000, p. 17). But the point then was that the Organization of Petroleum Exporting Countries needs to raise production, by quota adjustment or simple cheating, soon. The subject of oil from storage des...

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