energy information administration short term outlook december 2002 1 overview world oil markets average crude prices fell by about 2 50 per barrel between october and november in response to continued high production levels from opec 10 countries figure however the end of had risen as concerns over situations iraq venezuela pushed up inventories which are currently lower portion previous 5 year range poised rise more comfortable soon if output continues at or above current is considering cutbacks heating fuels update weather was much colder than normal boosting overall demand expectations population weighted degree days for combined period exceeded 16 percent northeast 8 nation a whole early brought similar conditions higher fuel usage implied these statistics may be offset later season national service s nws latest long temperature proves correct
