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Energy pricing news keeps rolling in. Only last Friday International Energy Agency (IEA) said that 'glutted oil market will continue'. This will certainly put additional pressure on revenue hungry producers. In Q1, 1998, oil supply exceeded demand by hefty 1.5 million bbls/day. IEA stated that 'current supply exceeds demand and stocks are high, suggesting a continuation of a difficult market for producers'. So, despite of a very rare act of cooperation between OPEC and non-OPEC producers last February, we still will have glutted oil market (agreement was to remove 1.25 million bbls/day, starting April 1) - officially, that is. Unofficially, glutt will probably be much greater what IEA suggests. As I recall, Norway for one, is suggesting that they will not cut production by aggreed amount, they will just put that amount into storage'. I say: great! There goes the rare act of cooperation!
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