World petroleum outlook: statement before the Committee on Energy and National Resources of the United States Senate. [Monograph]
The current world oil situation is exerting a shock on producers rather than consumers as production continues a three-year decline of 16.5%. The OPEC nations are experiencing most of the shock, while non-OPEC production increases. The drop in world demand for oil is due to price-induced conservation efforts, a general worldwide recession, and surplus inventories. The lower prices that have followed are not likely to continue because the recession and high-inventory factors are ready to turn around. World demand will probably rise at a slow, but steady rate, with OPEC probably surviving as an effective price-setting cartel. Saudi Arabia will have to assist the weaker nations to keep them within OPEC price-and-quota regulations. (DCK)
- OSTI ID:
- 5206586
- Country of Publication:
- United States
- Language:
- English
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Related Subjects
POLICY AND ECONOMY
02 PETROLEUM
PETROLEUM
FORECASTING
GLOBAL ASPECTS
MARKET
OPEC
SUPPLY AND DEMAND
ENERGY SOURCES
FOSSIL FUELS
FUELS
INTERNATIONAL ORGANIZATIONS
OIL-EXPORTING COUNTRIES
294002* - Energy Planning & Policy- Petroleum
020700 - Petroleum- Economics
Industrial
& Business Aspects