OGJ Newsletter

Due to a holiday in the U.S., data for this week's Industry Scoreboard are not available. IEA has revised its 1999 global oil demand forecast downward. In its latest monthly oil market report, IEA predicted oil demand would increase only 1.5%, or 1.1 million b/d, this year, to 75 million b/d. This is a 600,000 b/d decline from estimates made at the end of last year. IEA also said it expects total 1998 demand to be less than previously thought-about 73.9 million b/d, down 400,000 b/d from December's forecast. The agency cited continuing economic turmoil in Asia as the principal cause of depressed demand, but said mild weather in the Northern...

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