Oil peak seen
NZPA-Reuter London This year’s sharp run-up in oil prices probably has not got much further to go, say industry executives and analysts of the world petroleum market. That is provided there are no more supply hiccups like the April 18 explosion on a North Sea platform. It has stopped supply of a quarter of gasoline-rich British crude oil, just as refiners are scrambling to meet demand at the pumps as the Northern Hemisphere sum-
mer motoring season begins. “I basically think that crude oil and gasoline prices are probably peaking," said Mr Richard Stegemeier, chief executive of Unocal Corporation. Britain’s National Westminster Bank says its oil indicator, based on spot prices, was $U520.39 a barrel on April 20. But Nat West sees weaker crude prices later on resulting in its indicator averaging perhaps SUSI 6 for all 1989.
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Press, 27 April 1989, Page 42
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141Oil peak seen Press, 27 April 1989, Page 42
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