OGJ Newsletter

11/24/2003
Market MovementIEA sees more growth in world demand for oilAcceleration in global economic growth has prompted the International Energy Agency to revise upwards its monthly assessment of oil demand growth.In its most recent report, the Paris-based agency cited robust third quarter GDP in the US, faster than expected expansion of the Japanese and European economies, and Chinese GDP growth as the drivers of this change. IEA expects that China will contribute nearly 35% of global demand growth this year and 30% next year. Click here to enlarge imageWorldwide oil demand is now estimated to increase 1.3 million b/d this year, up 170,000 b/d from the prior estimate. IEA forecasts 2004 demand g...
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