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John Emerson of Chase Bank presented an outlook for the petroleum industry in the 1980s. He predicted that economic growth would slow globally compared to past decades, averaging 3% annually. Oil demand growth would also slow, increasing slightly from 50 million barrels per day in 1980 to 52 million by 1990, due to conservation efforts and fuel substitution. Supply would come from increasing non-OPEC production and OPEC serving as the residual supplier, keeping prices relatively flat in real terms through 1

Author

Ibrahim Salahudin

Language

EN