No 26



BP Sees Non-OPEC Producers Increasing Crude Supply At OPECs Expense

OPECs target band policy has maintained the OPEC Basket crude price at around $25/B each year since 2000, but the cost has been declining market share and lack of growth, according to BP Chief Economist Peter Davies. Launching the BP Statistical Review Of World Energy 2003 in London on 10 June, he said that the oil market has been characterized during the past five years by weak fundamentals, with...