OGJ Newsletter

10/29/2001
Market MovementOPEC faces dilemmaThe outlook is getting gloomier for oil markets as demand continues to sag in the wake of the Sept. 11 terrorist attacks on the US.The IEA again trimmed its forecast for global oil demand, ratcheting its estimate of incremental demand growth this year down to 120,000 b/d (OGJ, Oct. 22, 2001, Newsletter, p. 5). In addition, IEA cut its prediction of oil demand growth next year to 600,000 b/d.But the projected 0.5% growth in world oil demand for 2002 may be too optimistic, Dain Rauscher Wessels said.The recent spate of bioterrorism attacks in the US involving anthrax may slow the recovery in consumer confidence and hence oil demand, Dain Rauscher suggests. ...
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