OGJ NEWSLETTER

As oil market analysts dust off crystal balls again with the onset of the new year, the trend seems to be to join the bears' bandwagon. Salomon Bros. sees an oil price slump as nearly unavoidable because the Saudis are unlikely to cut production a required 2.5-3 million b/d to offset expected effects of rising Kuwaiti production and resumed Iraqi exports in the first quarter. And that means oil touching $15/bbl or less the next several months before economic recovery and multilateral