Greg, the difference between 900,000 barrels/day and 1.2 million barrels/day (worldwide growth in oil consumption in 1998 from 1997) and the difference between 500,000 barrels/days and a figure well over 1,000,000 barrels/day (the actual extent of the OPEC cutback on July 1st) is not minor quibbling. Combined, the difference could easily add up to over 1 million barrels/day.
As to the increase in US crude supplies, no one is forcing the US refineries to load up - they have the resources and are doing so because prices are rising (from $11.37/barrel week ending July 10, to $12.27/barrel week ending July 31st). I believe the US is getting its share of oil at the expense of countries less able. Rising prices, both for the US and total world, reflect a tightening supply.
The neverending glut, an impotent OPEC, and world economic catastrophe because of the Asian Crisis, reflects conventional wisdom or the stocks in the oil service sector wouldn't be down by 50-60-70%. I'm just looking out for you, Greg, because I don't think that's an accurate picture of the way things really are. My humble opinion.
Best of luck,
Steve
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