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Cambridge Energy Research Associates (CERA) forecasts that global oil supply wil ...

23/11/2004

Cambridge Energy Research Associates (CERA) forecasts that global oil supply will exceed demand by about 400,000 b/d during 4Q2004. This raises the possibility that oil prices could continue to fall through the end of the year if the global supply chain avoids a significant dislocation. However, many upside risk factors are still in play - winter weather, Iraq, Nigeria, and Russia. Given the likelihood of event-driven price strength CERA projects WTI will average in the upper $40s per barrel in December. In the event of colder-than-normal weather or a large supply disruption, prices could surge above the $50 level.

News Item details

Region: World

Keywords: Exploration and production - Oil price

Subjects: Climate science, Trading, Oil markets, Project Management, Risk management, Supply chain management, Research and development, Oil and gas extraction, Transportation, Transmission and Distribution, Oil, Primary energy production, Oil supply