OGJ Newsletter

Market MovementIEA shrinks 'missing barrels' numberIEA has left its estimate of worldwide oil demand growth unchanged in its latest report, but the total numbers have shifted upwards as the agency has revised its non-OECD demand figures back to 1999. This in turn has slightly affected its estimates of the call on OPEC crude plus stock change. The greater effect, though, has been a reduction in the miscellaneous-to-balance item-often referred to as "missing barrels"-in the supply-demand equation. Click here to enlarge imageBecause so many non-OECD demand figures are not available on a timely basis, IEA must estimate them based on growth rates and historical trends. The new upward ...

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