http://www.eia.doe.gov/emeu/steo/pub/
Short-Term Energy Outlook November 7, 2006 Release
Overview
The recent announcement of plans for a 1.2 million barrels per day (bbl/d) cut in oil production by the Organization of Petroleum Exporting Countries (OPEC) has not yet made much of an impact on world oil prices, as the market awaits evidence of substantial compliance. Recent spot prices for West Texas Intermediate (WTI) crude oil are the lowest since February 2005. Demand for petroleum should grow as the winter heating season ramps up. With some reduction in OPEC oil production, the price of WTI crude oil is projected to rise over the next several months. The price of WTI crude oil is projected to average around $66 per barrel in 2006 and $65 per barrel in 2007 (West Texas Intermediate Crude Oil Price). |