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: BigBull who wrote (44393)	5/10/1999 11:51:00 AM
From: Douglas V. Fant	Read Replies (3) of 95453

BigBUll, Corroboration- Remember four months ago when I suggested that growth in Asian demand would suffice to firm oil prices even without OPEC cuts? Well, The IEA article posted above contains one factual confirmation that my guess might at least be partly true..... Improved oil demand among industrialized countries including Japan and South Korea, saw world oil consumption outstrip supply in the first quarter of the year, even before the new supply cuts were implemented. ''Primarily as a result of a substantial upward revision to demand in the first quarter, the balances now show a global stock draw of 330,000 bpd rather than a previously-expected build of 300,000 bpd,'' the IEA said. It said South Korean demand gained over 10 percent in March and Japan recorded an unexpected rise in consumption. Global oil demand in 1999 is now projected to rise 950,000 bpd to 74.85 million.

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