Oil industry challenges include chance of OPEC misstep

Challenges for an oil and gas industry that must retool for growth include a chance the Organization of Petroleum Exporting Countries has misread the market."OPEC may be underestimating the weakness of demand," said Fereidun Fesharaki, president of FACTS Inc., Honolulu, at the Middle East Petroleum and Gas Conference in Dubai last week.OPEC crude prices in the middle of the group's target range of $22-28/bbl will hurt demand "and could set the market up for a big fall," Fesharaki warned.Other speakers outlined a number of industry challenges, including financing growth, responding to pressure for environmental regulation, and organizing companies for work in a rapidly changing busines...

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