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  • World of Oil

    Kurt S. Abraham, Managing/International Editor

    Tight supply levels in the US, plus a continued failure to return significant amounts of Iraqi crude (less than 1 million bpd) to the export market, sent oil prices to a five-month high. The WTI futures price hit $32.85/bbl last month, the highest level since March 18, just two days before Iraq was invaded. Several analysts have noted that the global market remains uncharacteristically resilient, and they expect the high-price cycle to continue through the balance of 2003. Meanwhile, OPEC did its part to keep prices high. At the end of July, ministers agreed to keep their collective output ceiling at 25.4 million bopd until another meeting late this month. Their decision was in spite of prices going beyond OPEC’s $22-to-$28/bbl target range. OPEC Secretary General Alvaro Silva told reporters that global supplies are still sufficient.

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2013 Fracturing Technology

2013 Fracturing Technology