VOL. XLVII
No 18
03-May-2004
What Has Changed In The Oil Markets?
The following is an extract from the March 2004 Apicorp Oil Market Assessment report on recent structural changes in the oil market. Reprinted in MEES with permission.
OPEC-10 has totally ignored quotas and Iraq output recovered almost to pre-war levels. Yet spot and long-term oil futures prices have risen sharply over the last few months. The dramatic upwards shift in the forward oil price curve seems to be signaling that the oil...
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