Strictly: Drilling and oil-field services Message Board

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Gold/Mining/Energy : Strictly: Drilling and oil-field services

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To: pz who wrote (46128)	6/9/1999 2:54:00 AM
From: upanddown	Read Replies (2) of 95453

EIA did update their Short-Term Energy Outlook today and it is available at eia.doe.gov They also updated their World Mid-term forecast today. eia.doe.gov A couple of weeks ago when I said that world demand was exceeding supply by about 3 MMBD during the current qtr, I was basically using this world forecast. OPEC production estimates were forecast as 28.9 MMBD while actuals were close to 26 MMBD. So they update this today and I expected a big drop in OPEC Q2 estimates but they only drop it to 28.6 MMBD. Huh ??? How does two months around 26 add up to 28.6 avg for the full quarter ? I don't get it. I thought both sets of numbers were total OPEC production including both exports and internal consumption from Iraq. Instead of a big supply shortfall for Q2, they are only forecasting .5 MMBD with bigger shortfalls later this year. I sent an E-mail to EIA to try to get some clarification. John

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