OGJ Newsletter

Market MovementIEA slashes oil demand estimatesIn its most recent report, the International Energy Agency slashed its 2002 global oil demand estimates and released its initial projections for 2003 demand and supply.Citing weaker than expected second quarter demand and a lackluster economic recovery, the Paris-based agency now pegs this year's oil demand growth at 250,000 b/d, a cut of 170,000 b/d from previous estimates. Also playing a role in this reduction are concerns over the current corporate accounting scandals, which are dampening capital investment and could undermine household spending. Click here to enlarge imageIEA still expects second half 2002 demand to exceed that of th...

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