Demand key factor in worldwide crude prices and drilling

Journal Article · Mon Jan 30 04:00:00 EST 1995 · Oil and Gas Journal; (United States)

OSTI ID:6683132

Beck, R J

The global demand surge that rescued world crude oil prices in 1994 will continue through 1995 and at least sustain, if not increase, worldwide drilling activity. Although average world crude oil prices at the end of 1994 were somewhat higher than a year earlier, the average price for all of last year was down from that of 1993. Production capacity remained sufficient to meet the growing need for crude, and the potential for return of Iraqi exports, embargoed by the United Nations since August 1990, lingered over the market. For several years the average world export crude oil price fluctuated seasonally within the range of $16--20/bbl. This band appears to have dropped to $13--17/bbl. The paper discusses economic growth rates; worldwide demand; worldwide supply; worldwide supply outlook; prices; and international drilling activity.

• OSTI ID: 6683132
• Journal Information: Oil and Gas Journal; (United States), Journal Name: Oil and Gas Journal; (United States) Vol. 93:5; ISSN OIGJAV; ISSN 0030-1388
• Country of Publication: United States
• Language: English

Related Subjects

02 PETROLEUM
020700* -- Petroleum-- Economics
Industrial
& Business Aspects
29 ENERGY PLANNING, POLICY, AND ECONOMY
292000 -- Energy Planning & Policy-- Supply
Demand & Forecasting
294002 -- Energy Planning & Policy-- Petroleum
COMPILED DATA
DATA
DRILLING
ENERGY SOURCES
FOSSIL FUELS
FUELS
GLOBAL ASPECTS
INFORMATION
INTERNATIONAL ORGANIZATIONS
NUMERICAL DATA
OIL WELLS
OIL-EXPORTING COUNTRIES
OPEC
PETROLEUM
PRICES
SUPPLY AND DEMAND
WELL DRILLING
WELLS