OGJ NEWSLETTER

The International Energy Agency has sharply lowered its previous estimate of OECD energy consumption in fourth quarter 1989 and forecast for all of 1990. Revised data show OECD demand rose 100,000 b/d in fourth quarter 1989 to 39.3 million b/d, a 0.3% increase from the same period of 1988. Before the revision, IEA estimated fourth quarter demand growth of 400,000 b/d to 39.6 million b/d. Preliminary data and estimates suggest a 300,000 b/d rise in first quarter 1990 to 38.7 million b/d.