OGJ Newsletter

Market MovementEverything's changed for oil demand"On the demand side, everything has changed." Click here to enlarge imageWith these words, IEA sums up the state of the oil market in the aftermath of the Sept. 11 terrorist attacks while noting that, on the supply side, very little has changed, as OPEC immediately pledged to keep the market adequately supplied.IEA's estimate of oil product demand growth for 2001-now only 120,000 b/d-has been trimmed by 400,000 b/d since last month's estimates. The agency predicts that recovery of the US and global economies will now be delayed until the second half of next year at the earliest and has thus pegged 2002 oil demand growth at 600...

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