Would you like to start a free subscription?
Remember me | Forgot password
For full content view: Log in Now!
Once again, that tried and true saying, "What goes up must come down," is particularly applicable to global oil prices. Compared to late 2000, when the average price for OPEC’s market basket of crudes was hovering near $30/bbl, the rate today is only about $20/bbl. At least half of that decline has come just since the September 11 terrorist attacks on the U.S. Indeed, OPEC’s reference price in early November tumbled below $19/bbl for the first time since July 1999.
The drastic drop prompted reports that OPEC would cut the group’s output quota by 1.5 million bopd when members met in mid-November in Vienna. Regardless of whether that cut is achieved and takes effect this month, the truth is that this organization cannot completely rescue prices on its own. There will have to be some output discipline exerted by Russia and other non-OPEC producers.
This area of the site is restricted.
In order to gain access, please either Log
In, or subscribe to World Oil.
Two options are available to you for creating an account.
1. Get a Free Trial Subscription to World Oil Magazine and gain immediate access to select content on World Oil Online.
Start a Free Trial Subscription and gain immediate access to the complete current issue of World Oil Magazine. Plus, you’ll receive 3 upcoming issues of World Oil Magazine in print or digital format.* You also receive access to the Energy Events Calendar, Industry Statistics and WO Wire’s news and industry coverage.
2. Purchase a subscription to World Oil magazine and gain immediate
and complete access to World Oil Online. As a Total Access subscriber
you will have access to all areas of the site available to registered users and
free subscribers as well as having access to such premium content areas as:
Physical copies of this content may be available for purchase. Visit the Reprints & Back Issues section.
If you are already a paid subscriber and do not have access, please email CustomerService@worldoil.com.
World Oil's specialized upstream Engineering Data Tables featuring the Drill Bit Classifier, Tubing Tables and more. Get Total Access today.
Wichita Falls, TX - April 22-23
Bucharest - April 28-30
Houston, TX - May 5-8
All material subject to strictly enforced copyright laws.
© 2014 World Oil. © 2014 Gulf Publishing Company.