Questions raised over ‘demand pessimism’

08/01/2005
After the International Energy Agency and Organization of Petroleum Exporting Countries lowered their forecasts for annual average oil demand this year, analyst Paul Horsnell of Barclays Capital Inc. in London questioned the accuracy of what he called “demand pessimism.” Actual Chinese demand, a vital and rapidly growing factor in the global total, will prove stronger than estimates suggest, he said in a July 20 research note.“On the demand side, the past week has seen the resumption of the occasional wailing and gnashing of teeth that occasionally surfaces after an IEA report,” Horsnell said. He said Chinese oil data are misleading.“We would put the normal m...
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