OPEC, U.S. government see easing oil market conditions ahead



In its monthly report on market fundamentals, the U.S. Energy Information Administration, or EIA, cut its forecast for oil demand growth this year by 150,000 barrels per day to 810,000 bpd as the European crisis continues to weigh on the world economy. Rapid growth in U.S. and Canadian production forced the agency to revise up its estimates for non-OPEC output.
The Organization of the Petroleum Exporting Countries, releasing its report just two days before its ministers meet to set production policy, made few adjustments to its forecasts, but said risks appeared skewed toward looser... read more

 
12 June 2012 in Business, Views: 2
Source: Reuters
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