VOL. XLV

No 22

3-June-2002

SUPPLY/DEMAND

High Stocks Shaping Market, SaysABN-AMRO

Despitethe uncertainty in global economics and politics, oil prices are not rocketingupwards now because of high inventories, according to ABN-AMRO. In the OilCommentary report of 24 May, ABN-AMRO analyst Jan Stuart wrote: There issimply much more oil in storage now than there was when prices rallied in 1996and 1999-2000. At the end of April there was still a 150mn barrels surplus inon-land inventories in OECD...