Global Market Needs More Oil From OPEC

Click here to enlarge imageThe oil market will need an increase in supply from the Organization of Petroleum Exporting Countries in 2000.Members of the exporters' group, exercising unusual quota discipline, held enough crude off the market in 1999 to accommodate a large and necessary withdrawal from inventories.By the end of 1999, however, it was clear that the stock withdrawal was approaching its limits.OPEC's production of crude oil in the fourth quarter, at an estimated average of 26.2 million b/d, fell 2.8 million b/d short of what the market needed, even with output rising outside the producers' group. Oil from stocks made up the difference. But stocks can't supply ...

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