Data on oil supply, demand and stocks lag the market. This means that the reason prices have moved can only be fully understood after the event. As 2007 comes to a close, many economists and oil companies have been at a loss to explain why benchmark crude prices have remained close to 90/bl. But the fog is starting to lift as fundamentals data emerge for the fourth quarter. One of the murkiest areas of data — non-Opec output in aggregate — helps explain high prices. Many consultants, economists, analysts and journalists are paid to track Opec crude output each month. Far fewer look at non-Opec supply.
展开▼
