short term energy outlook may 1998 released 8 information administration highlights oil prices supply world have not received sufficient support from announced cutback plans or other developments to move above our projected base levels last month in fact near estimates proved be too bullish figure 1 more complete data for the first quarter and parts of second indicate a greater surplus at winter s end than previously estimated hence lower expected crude combined us product stocks are comparatively high now we expect them reach about 61 billion barrels which is 25 million previous forecast would nearly 40 level 1997 2 do see slightly higher overall demand materially changed price beyond this year that leaves average refiner acquisition cost imported 14 per barrel summer
