Oil market turning point seen in 2Q 2000

Oil market performance in the second quarter of 2000 will signal whether escalating prices threaten the economic recovery in Southeast Asia that is spurring the growth in worldwide demand for oil.So said officials of Arthur Andersen and Cambridge Energy Research Associates (CERA) in their 14th annual report on world oil trends.1999 trends Click here to enlarge imageAccording to the Arthur Andersen/CERA report, total world oil consumption increased 1.6% to a record 75.3 million b/d in 1999, including a 3% rebound in Asian demand to nearly 20 million b/d that followed an astounding drop in 1998 (Fig. 1). Click here to enlarge imageBut global production of crude oil dipped nearly 1.9% to 6...

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