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: articwarrior who wrote (31113)	10/25/1998 2:00:00 PM
From: Gameboy	Read Replies (1) of 95453

Articwarrior, the most recent data I've seen on worldwide demand for crude was from an EIA brief dated August 3, 1998: Prior to the Asian crisis, world oil demand had been expected to increase 1.5-2.0 million barrels per day (bbl/d) in 1998 compared to 1997. The U.S. Energy Information Administration now estimates that world oil demand growth from 1997 to 1998 will be only 1.2 million bbl/d, about 300,000 bbl/d lower than had been forecast before the Asian crisis. I will concede that certain parts of Asia may be consuming somewhat less since the August report was prepared, but I would argue that other parts (e.g. China) are probably importing more crude than estimated. Meanwhile, the US is consuming record levels of crude, in part because of the growth in size and quantity of sports utility vehicles. I will stand by my estimate of growth in worldwide demand for crude of 1 mb/d in 1998 more than in 1997 and am certain any error, possibly a couple of hundred thousand barrels/day, is on the low side. I also believe that the daily draw on world crude inventories is at least 2 mb/d. If you have any figures to the contrary, hit me. Best of luck, Steve

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