Oil & commodities: international economy
Article Abstract:
Commodity prices have stayed strong and rose 2% in the fourth quarter, with much of the rise driven by oil prices. It is uncertain whether the oil price will stay in the new trading range of $20-25 a barrel, or whether it will be temporary. World oil demand increased by around 1.9 million barrels a day in 1996 although the rate of expansion of supply was lower than expected, with delays to several projects restricting growth in North Sea output. Demand is expected to grow strongly in 1997. Non-oil commodity prices dropped by 8% in the last quarter, with foodstuff prices down sharply, although a slight improvement in world stocks is expected in the current 1996/97 season.
Publication Name: Barclays Economic Review
Subject: Business, international
ISSN: 0956-5574
Year: 1997
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International economy: oil and commodities
Article Abstract:
Countries which depend on revenue from the export of commodities have been affected by the 25% fall in commodity prices during the year. Oil from North Sea Brent fetched an average of US$13 per barrel during the third quarter. Warmer weather during the winter of 1997 reduced the demand for oil and there has been oversupply because OPEC members have overproduced. They have pledged to reduce output by 3 million barrels a day. However, Iraq has increased its supply oil as part of the UN oil-for-aid programme. Non-oil commodities fell in price by 20% during the last year.
Publication Name: Barclays Economic Review
Subject: Business, international
ISSN: 0956-5574
Year: 1998
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