VOL. XLVI

No 48

1-December-2003

OPEC

SUPPLY/DEMAND

Petroleum Product Market Behind Crude Price Volatility, Says OPEC

The influence of seasonal factors in the market for petroleum products has grown in recent years and is now having a considerable impact on crude oil market volatility, according to a report in OPECs November Monthly Oil Market Report (MOMR). According to OPEC, one of the key reasons for this trend is the loss of excess refinery capacity in major consuming countries, which has led to...