ABSTRACT
Expansion of petroleum product exports will be similarly constrained by competition from the large volumes of new product exports from OPEC refineries. In 1985, natural gas should increase its market share. Not only is it comparatively cheap, but readily available gas supplies exceed current consumption in almost all major markets. The international currency market influences the oil market by affecting the effective price paid for energy in various countries. Exports could increase in the near term by about 200,000 to 300,000 b/d if policies were altered and if the market supported higher volumes. In addition to the various strategies used by OPEC nations to maintain their share of the crude oil market, the most important new strategic thrust by OPEC is into downstream operation through increased refining and marketing. Between the years 1979 and 1983 demand in the United States, the world's largest oil-consuming market, fell by 3.3 million b/d.
