May 2004
West & Central Africa Monitor;May2004, Vol. 5 Issue 5, p1
Country Report
Country Report
Although falling oil demand as a result of the end of the northern hemisphere winter will result in some stock build in Q2, OPEC's decision to implement the agreed 1mn b/d cut from April 2004 should keep reserves tight and minimise the downward impact on prices. Furthermore, as demand is set to rise the risks to the revised forecast of the OPEC basket's average price in 2004 are firmly to the upside. OPEC's continued cohesion has persuaded us to raise our medium-term oil price outlook to US $25.0/b.


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