Buyer panic in crude oil seen easing
Journal Article
·
· Energy User News; (United States)
OSTI ID:5850176
The crude oil spot market declined after events in Iran precipitated stockpiling, while Iranian production cutbacks were smaller than anticipated. A growing spot market is affecting world oil prices with spot prices of $40 to $50 a barrel recorded during early November 1979. Larger stockpiles, however, will compensate for the projected supply cuts and a glut of residual fuels has helped to push prices back down. Some analysts feel that increased Saudi Arabian production is the key supply factor, while others question whether the Iranian cutback was directly ordered by the Ayatollah Khomeini.
- OSTI ID:
- 5850176
- Journal Information:
- Energy User News; (United States), Journal Name: Energy User News; (United States) Vol. 4:46; ISSN EUSND
- Country of Publication:
- United States
- Language:
- English
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