VOL. XLIV

No. 27

2-July-2001

OPEC

OPEC Rollover A Certainty As Demand Falters

Crude oil prices fell sharply last week for two reasons: a realization that major economies are now actually in recession rather than just undergoing a slowdown; and continued US gasoline stockbuilding due to unexpectedly weak demand. If prices remain at or below their current levels there is no chance that OPEC will raise production targets at its extraordinary meeting in Vienna on 3 July. While the call on OPEC crude...