august 2000 summary world oil markets while remaining sensitive to near term supply indicators including us inventory levels are in our estimation still on track deliver gradually declining crude prices through the end of this year and 2001 as well 76 6 million barrels per day is expected exceed demand 75 8 leading a reversal downshift petroleum inventories industrialized countries observed since mid 1999 base case projections imply that average will have risen over 9 barrel an decline 4 5 seen for midsummer weekly retail gasoline retreated sharply late june exceeding previous estimates declines price averages fell 20 cents gallon from third week july relief midwest hard pressed meet summer supplies has exceeded expectations development contributed reductions were only marginally by state tax initiatives spot shown upward momentum recent
