Donger
12-13-2006, 01:08 PM
http://www.eia.doe.gov/emeu/steo/pub/contents.html
Production cuts by the Organization of Petroleum Exporting Countries (OPEC) that began in November, combined with the recent erosion in surplus U.S. product inventories and the expected increase in petroleum demand during the winter heating season drove spot prices for West Texas Intermediate (WTI) crude oil spot prices above $60 per barrel in the last week of November. OPEC oil production is expected to be reduced by about 0.8 million barrels per day (bbl/d) in November and December. WTI crude oil prices are projected to average about $66 per barrel in 2006 and $65 per barrel in 2007.
This is just a forecast, but IMO, it's rather good news.
Production cuts by the Organization of Petroleum Exporting Countries (OPEC) that began in November, combined with the recent erosion in surplus U.S. product inventories and the expected increase in petroleum demand during the winter heating season drove spot prices for West Texas Intermediate (WTI) crude oil spot prices above $60 per barrel in the last week of November. OPEC oil production is expected to be reduced by about 0.8 million barrels per day (bbl/d) in November and December. WTI crude oil prices are projected to average about $66 per barrel in 2006 and $65 per barrel in 2007.
This is just a forecast, but IMO, it's rather good news.