The bears come out for summer: A world awash in oil
In this issue, Energy Detente examines near term oil price and supply prospects. World oil prices have plunged over the last eight weeks to their lowest levels since 1991. This can be attributed to low world oil demand and bearish speculation on world oil markets that the on-again off-again oil export negotiations between Iraq and the United Nations may result in limited amounts of Iraqi crude being added to already swollen oil supplies. To recessionary economics in consuming countries, trends to raise taxes and reduce fuel price subsidies in many countries, and rising costs of environmental protection, producers also scrutinize a concerned Organization of Petroleum Exporting Countries (OPEC). OPEC's reactive potentials are heightened in a period of such market uncertainities.
- OSTI ID:
- 5086097
- Journal Information:
- Energy Detente; (United States), Vol. 14:14
- Country of Publication:
- United States
- Language:
- English
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