OGJ Newsletter

Market MovementIEA trims demand growth projectionsWeaker than expected first half oil demand in Organization for Economic Cooperation and Development (OECD) countries has prompted the International Energy Agency to trim its estimate of 2002 global demand growth by 50,000 b/d to 200,000 b/d. The latest figures released by the Paris-based agency also show changes in baseline demand, primarily caused by underreporting in the Middle East.Demand, revisionsPreliminary estimates indicate that demand in seven of the largest oil consuming countries contracted by 660,000 b/d in June year-on-year. For all OECD countries, demand declined 640,000 b/d in June following a 760,000 b/d contraction in May....

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