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Gold/Mining/Energy : Strictly: Drilling and oil-field services
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To: Olaf Koch who wrote ()3/28/2000 10:30:00 PM
From: Rob Shilling  Read Replies (1) of 95453
 
Richardson is quoting a demand number of 75 mbpd. Isn't 2000 demand supposed to be closer to an average of 77 mbpd (pre-upside revisions). And isn't demand in Q2 NOT supposed to drop like it usually does due to the refiners being behind the curve on making gasoline?? 74.8 mbpd in supply looks like a 2.2 mbpd drawdown to me.......

Richardson sees 1.8 mln bpd increase in oil supply
WASHINGTON, March 28 (Reuters) - U.S. Energy Secretary Bill Richardson said Tuesday he expects the current 2 million barrel-per-day gap in world oil supply and demand to narrow to around 200,000 barrels following OPEC's oil production agreement.

Richardson said OPEC's agreed higher production, plus leakage above the official quota levels from cartel members, along with expected increased oil output from Iraq and non-OPEC members Mexico and Norway, would result in 1.8 million bpd net increase in world oil supplies.

That would put world oil production at 74.8 million bpd and demand at 75 million bpd, Richardson told reporters at a White House briefing. ``I think we'll be very, very close,' he said, referring to the new world oil supply and demand levels.

``This increased announced today (by OPEC) is significant and will help correct the imbalances in today's oil market,' Richardson said.
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