Oil prices expected to drop by $5 a barrel by year’s end
NEW YORK (July 11, 2000) — The U.S. Energy Information Administration now forecasts average world crude prices will fall $4 to $5 US a barrel from June to December, due to increased oil production by OPEC.
Recent pledges by OPEC producers and Saudi Arabia would boost output by 1.2 million barrels per day.
But the hikes will likely add only 1.0 million bpd to world supply, EIA said. That should lead to stable gasoline prices this summer, but it wonÕt be enough to fend off a heating oil and diesel fuel spike next winter.
Have your say
This is a moderated forum. Comments will no longer be published unless they are accompanied by a first and last name and a verifiable email address. (Today's Trucking will not publish or share the email address.) Profane language and content deemed to be libelous, racist, or threatening in nature will not be published under any circumstances.