World petroleum outlook: statement before the Committee on Energy and National Resources of the United States Senate. [Monograph]

Book · Fri Jan 01 04:00:00 EST 1982

OSTI ID:5206586

Lichtblau, J H

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

Related Subjects

02 PETROLEUM
020700 -- Petroleum-- Economics
Industrial
& Business Aspects
29 ENERGY PLANNING, POLICY, AND ECONOMY
294002* -- Energy Planning & Policy-- Petroleum
ENERGY SOURCES
FORECASTING
FOSSIL FUELS
FUELS
GLOBAL ASPECTS
INTERNATIONAL ORGANIZATIONS
MARKET
OIL-EXPORTING COUNTRIES
OPEC
PETROLEUM
SUPPLY AND DEMAND