OGJ Newsletter

01/31/2000
Click here to enlarge imageAll the supply-demand indicators are confirming what oil prices have been signaling of late: oil markets are getting tighter.Demand for crude oil sustained steady growth during the fourth quarter of 1999, while supplies declined significantly, says IEA.Worldwide demand in 1999 averaged 75.5 million b/d, an increase of 1.3 million b/d from a year prior and about 0.2 million b/d higher than was expected. "There has been a disconnect in the oil markets between the amount of supply needed and the perceptions of key participants," IEA said.During the last quarter of 1999, demand rose to 77.2 million b/d from 74.8 million b/d in the third quarter, which resulted in ...
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