Future of OPEC
The Future of OPEC The outlook for winter 2003-2004 household heating bill compared to winter 2002-2003 is as follows: natural gas-heated homes: up 8 percent; heating oil users: down 4 percent; propane-heated households: up 3 percent; and homes with electric heat: up about 2 percent. ... Prices may decline even further in 2005 as well, but increasing world demand and assumed OPEC restraint is expected to keep oil inventories near the low end of the historical range and oil prices relatively high for the year. We estimate OPEC crude oil production is currently running about 1 million barrels per day above their current quota. ... gov/emeu/cabs/opec. ... Non-OPEC oil supply gains during the 2003-2005 period are projected to total a little under 3 million barrels per day. ... With non-OPEC supply growing at roughly the same rate as world oil demand, total OPEC crude production (including Iraq) is expected to average about 27 million barrels per day in the 2003-2005 time period.