No 34



OPEC Warns Of Impact Of Production Growth On Prices In 2004

Forecasts for 2004 show that the difference between world oil demand and non-OPEC supply will remain unchanged from 2003, leaving no room for increasing production from OPEC, the organization said in its August Monthly Oil Market Report (MOMR). The report notes that this will be the fifth consecutive year that has shown zero or negative growth for the call on OPEC crude. However, all scenarios expect...