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United States. Last February, World Oil’s forecast cautioned that the first half of 2002 would see reduced E&P activity, due principally to weak oil and gas prices that began in the third quarter of 2001. However, an improved second half was expected, since all the fundamentals were in place to support higher oil and gas prices, and thus, increased drilling. Now, with six more months of data, several disconnects are emerging that indicate mixed second-half results.
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