energy information administration short term outlook november 2003 1 overview world oil markets while west texas intermediate crude prices have remained slightly below our previous baseline projection for october current are close to 29 per barrel with the 5 trading days ending averaging 20 figure projected gradual decline toward 27 reflects a slow but steady return more normal levels of petroleum stock in industrialized countries compared months it is assumed this that overall opec production including natural gas liquids 2004 will from average by about 0 7 million barrels day as effect quota reductions offset increased output iraq two other factors also impact russia may not limit its and non likely rise some 3 degree forecasts starting issue projections census division national oceanographic atmospheric noaa climate prediction center cpc be used
