energy information administration short term outlook december 2001 1 overview world oil markets as major producing countries have jockeyed over the issue of production cutbacks prices languished below stated range preferred by opec 22 28 for basket has reported that their price averaged about 17 60 per barrel in november following a 19 average october and 24 30 september spot west texas intermediate stark drop from approximately 34 seen 2000 figure however while market conditions resulted increasing inventories industrialized we still expect to see some recovery next spring nevertheless unless demand growth recovers more quickly than now reason are comfortably within band may be hard come year us natural gas warm weather continued weakness industrial significantly weakened near mid through first week at henry hub were
