COMMODITY PRICE INDEX.(oil prices)(Brief Article)
Economist (US), The, June, 2000
Oil prices have yo-yoed because of conflicting signals from Saudi Arabia. It is not clear whether OPEC, excluding Iraq, will fulfil its informal pact to raise output by 500,000 barrels a day when the 20-day average price of a basket of seven crudes reaches $28 a barrel. Tight oil supplies in America have pushed crude prices to within a whisker of this limit, and have lifted domestic petrol prices to record levels.
America's Energy Information Administration reckons that OPEC's output, without Iraq, will reach 25.2m b/d in the second quarter. Iraq's output has been at a post-Gulf war high, and it expects to raise production to 3.3m b/d by the end of the year. The EIA thinks that, with further rises in output, particularly in non-OPEC countries, world oil stocks...
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