september 1998 highlights world oil markets prices continue to remain at historically low levels when taking into account inflation and our current forecast does not foresee a large increase anytime over the next several months figure 1 imported refiners acquisition cost eia s proxy for price is expected average 11 42 per barrel in third quarter of july before increasing slightly 12 49 fourth october december then estimates slight rise 1999 but 13 65 still nearly 5 less than 1997 7 1996 main reasons continuation relatively stem from both supply demand factors on side even with an assumed 85 compliance rate opec cuts announced end june 3rd 72 lower subsequent quarters forecasting exceed by 600 thousand barrels day
