OGJ NEWSLETTER

Is oil demand growth finally gathering steam? IEA has boosted its estimate of 1992 global oil demand to 67 million b/d in 1992 vs. its earlier estimate of 66.8 million b/d and up almost 1% from 1991. Merrill Lynch sees 1992 demand as up more than 1% to 67.2 million b/d, the steepest rise since 1989. IEA put second quarter oil demand vs. a year ago at a 1. 5% rise in the OECD and 2.5% in North America--courtesy of a 6% increase in the U. S. in April.

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