OGJ NEWSLETTER

World economic recession together with overproduction by OPEC is keeping a damper on oil prices. EIA notes expected OECD economic growth of 2.2% in 1992, OPEC's response to increased output from Kuwait and possibly Iraq, relatively warm weather in developed nations, and continued uncertainty over C.I.S. oil exports are the keys to oil prices the next 18 months. EIA estimates U.S. demand for petroleum products in 1992 will rise 1.3%, or 220,000 b/d, from 1991 levels.