NEWSLETTER

Will OPEC respond to the bear market in weeks to come? Purvin & Gertz thinks that's a better than 50% chance and sees WTI at $14.60/bbl in January and $16 in February. The price fall, says P&G, stems from a combination of oversupply and the need to absorb inventory overhang. OPEC had expected winter demand to absorb the overhang, but the surge in North Sea output makes it clear OPEC probably misread the market and should have considered cutting first quarter 1994 output by about 500,000

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