Watching the World: European oil's growing pains

01/22/2001
The Organization of Petroleum Exporting Countries' recent efforts to wrestle the crude price back up to within its $22-28/bbl price band continues to distract the European oil and gas industry from an issue that is bound to soon come back to haunt it: production growth.During last year's price-driven boom, the European giants-like their American brethren-trumpeted long-term production growth targets of 3-8% to shareholders happy to believe in the promise of blue skies ahead. Now, however, at least one major European investment bank, Commerzbank AG, is suggesting the gloss may be coming off these ambitions.Commerzbank holds there will be two key drivers of share prices within the f...
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