OGJ Newsletter

Market MovementOil price forecasts loweredFinancial analyst Raymond James & Associates lowered its oil price forecast after maintaining one of Wall Street's more bullish forecasts for 2 years.Analyst Marshall Adkins said, "Deterioration of global oil demand growth has been even more severe that we had originally thought." RJA lowered its third quarter oil price forecast from $28/bbl to $25/bbl. The 2002 forecast also was lowered from $30/bbl to $26/bbl."If we exclude the impact of first quarter fuel switching in North America, it now appears that global oil de- mand growth will amount to only 600,000-700,000 b/d, or a 0.9% year-over-year increase," Adkins said.Slowing demand growth me...

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