Worldwide outlook clouded by market slump of late 1993

Journal Article · Mon Jan 31 04:00:00 EST 1994 · Oil and Gas Journal; (United States)

OSTI ID:5324219

Beck, R J

Excess production and production capacity reasserted their influence in worldwide petroleum markets last year, pushing crude oil prices to their lowest levels since before the Persian Gulf crisis. The development ended the relative price stability that has characterized the period since the crisis ended in January 1991. One of the major questions now being asked is whether there has been a downward shift in the seasonal range of crude prices. In the near future, OPEC's degree of success in balancing the market will be a key to prices. Another is politics in the Middle East. If it were not for a United Nations embargo, the market would have another 2--3 million b/d of oil supply--from Iraq. The paper discusses worldwide demand, economic trends, the supply in 1993, the supply outlook, prices, and international drilling activities.

• OSTI ID: 5324219
• Journal Information: Oil and Gas Journal; (United States), Journal Name: Oil and Gas Journal; (United States) Vol. 92:5; ISSN OIGJAV; ISSN 0030-1388
• Country of Publication: United States
• Language: English

Related Subjects

02 PETROLEUM
020700* -- Petroleum-- Economics
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29 ENERGY PLANNING, POLICY, AND ECONOMY
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294002 -- Energy Planning & Policy-- Petroleum
DRILLING
ECONOMICS
ENERGY SOURCES
FORECASTING
FOSSIL FUELS
FUELS
GLOBAL ASPECTS
MARKET
PETROLEUM
SUPPLY AND DEMAND
WELL DRILLING