Slide 2 of 15
Notes:
After a modest downturn in July, the monthly West Texas Intermediate (WTI) crude oil price rose in August to an estimated $31.10 per barrel level
EIA estimates of world oil supply and demand suggest that world oil prices will not begin declining much from current levels until mid-winter, and then only on the condition that anticipated increases in OPEC production materialize and if weather is not colder than normal.
Prices are expected to gradually decline in 2001, such that the average price for WTI in 2001 will be about $26.00 per barrel, about $4.00 below the annual average expected for 2000.
