Non-OPEC oil supply gains to outpace demand in 1997

Journal Article · Mon Jan 27 04:00:00 EST 1997 · Oil and Gas Journal

OSTI ID:423119

Beck, R J

Rising oil supplies in 1997 will relax some of the market tightness that drove up crude prices last year. Worldwide demand for petroleum products in 1996 rose faster than anticipated and faster than supply from outside the Organization of Petroleum Exporting Countries. This increased demand for OPEC oil and pushed up prices for crude. At year end, the world export price of crude was up more than 25% from the same period a year earlier. Market conditions will change in 1997. While worldwide economic growth will continue to boost demand for energy and petroleum, non-OPEC petroleum supply will grow even more. Increases in North Sea and Latin American production will help boost non-OPEC output by 1.9 million b/d. And revenues from 1996 production gains will make additional investment possible in exploration and production. The paper discusses world economic growth, world oil demand, worldwide supply, supply outlook, prices and international drilling.

• OSTI ID: 423119
• Journal Information: Oil and Gas Journal, Journal Name: Oil and Gas Journal Journal Issue: 4 Vol. 95; ISSN OIGJAV; ISSN 0030-1388
• Country of Publication: United States
• Language: English

Related Subjects

02 PETROLEUM
29 ENERGY PLANNING, POLICY, AND ECONOMY
COMPILED DATA
EXPORTS
FORECASTING
GLOBAL ASPECTS
OIL-EXPORTING COUNTRIES
PETROLEUM
PETROLEUM INDUSTRY
PRICES
PRODUCTION
REGIONAL ANALYSIS
SUPPLY AND DEMAND
WELL DRILLING