09:59 DJS OPEC Revises World Oil Demand Downward To 74.4 Million Barrels A
09:59 DJS OPEC Revises World Oil Demand Downward To 74.4 Million Barrels A Day
LONDON -(Dow Jones)- In its latest monthly report issued Friday, the
Organization of Petroleum Exporting Countries revised downward 1998 world oil
demand by 200,000 barrels a day to 74.4 million barrels, reflecting a
continuing downturn in demand in Asia.
Overall 1998 world oil demand is now seen 1.2 million barrels a day
higher than in 1997.
Excluding Japan and China, Asian demand has been revised down by
170,000 barrels a day to 8.95 million barrels for 1998. Fourth-quarter Asian
demand was revised to 9.5 million barrels from 9.64 million barrels in OPEC's
previous monthly report.
Third-quarter demand from nations in the Organization for Economic
Cooperation and Development was revised slightly upward by 30,000 barrels a
day, reflecting higher expectations in some western European countries.
Projected demand for the fourth-quarter was revised upwards 120,000 barrels a
day due to a higher demand forecast in the U.S.
Total OECD demand for the whole of 1998 is now expected to reach 42.32
million barrels a day, up 30,000 barrels from OPEC's previous monthly report.
The call on OPEC supplies has been revised down 200,000 barrels a day
to 26.4 million barrels.
Using secondary sources, June OPEC production averaged 27.878 million
barrels a day compared with estimated production of 28.158 million barrels in
May. The monthly report quoted secondary source data for all member countries,
with Saudi Arabia producing 8.39 million barrels a day, Iran 3.71 million
barrels and Venezuela 3.17 million barrels.
OPEC reported a 3.2 million barrel build-up in U.S. inland stocks
between May 29 and July 3 to 1.073 billion barrels. "This increase resulted
from a build-up in product inventories, since crude-oil stocks registered a
drawdown of 6.7 million barrels during the period," OPEC said.
Commercial oil stocks in the European Union and Norway increased by
25.9 million barrels in May to 1.121 billion barrels. Growth was led by a
build-up in middle distillate stocks.
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07/17 9:59a CDT
bottom line: oil demand has increased in 1998 over 1997 as it most likely will do again in 1999 |
