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Gold/Mining/Energy : Strictly: Drilling and oil-field services -- Ignore unavailable to you. Want to Upgrade?

To: Think4Yourself who wrote (47614)	7/8/1999 7:53:00 PM
From: Tomas	Read Replies (1) \| Respond to of 95453

Another factor that makes it difficult to forecast oil prices is that there is very little consensus on just how much excess oil there is out there. A recent Canadian Energy Research Institute report, for example, mentions what is often called the "missing barrels" phenomenon. Given current estimates of world production, there should be about 675 million barrels of oil in storage in various places -- but energy forecasting agencies say they can only account for between 175 and 300 million of those excess barrels. As the CERI report outlines, there are two schools of thought on the discrepancy: one is that it arises from accounting errors on the part of bodies such as the International Energy Agency, and therefore is a figment of their imagination. The other camp believes that the barrels are real, and that there is an overhang of between 300 million and 500 million barrels remaining unaccounted for, a stockpile that could seriously affect prices. From today's Globe and Mail: "Is oil price euphoria overdone?" Full article: globeandmail.com