1999•Petrochemical Industry TrendsRequires access
FOREGROUND ANALYSIS OF WORLD PETROLEUM MARKET AFTER OIL PRICE RISING
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Abstract
The low oil prices until early 1999 and the decrease of demand in Asian market have brought about structural shake in oil industry. The current rise of oil prices may be temporary.From the view of the demand and supply in the next two or three years, the capacity surplus of OPEC, the increasing output potential of non OPEC and the slowdown of US economy may all keep the oil prices hover at relatively low levels.The oil industry is actually well prepared to adapt itself to the environment of lower oil prices. Based on the oil price forecast in the near future, this paper discusses the challenges facing the world's oil industry and their countermeasures, and at last forcasts the supply and demand future latter on.