Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Gold/Mining/Energy : Strictly: Drilling and oil-field services -- Ignore unavailable to you. Want to Upgrade?

To: victorw who wrote (52761)	10/11/1999 5:20:00 AM
From: oilbabe	Respond to of 95453

IEA Raises 1999 Oil Demand Forecast 100,000 Bbl a Day on Economic Recovery Paris, Oct. 11 (Bloomberg) -- The International Energy Agency raised its forecast for global oil demand for the fifth time in six months as economic growth buoys consumption in Asia and the U.S. Worldwide oil demand will rise 1.5 percent to 75.3 million barrels a day in 1999, the Paris-based IEA said, increasing its forecast by 100,000 barrels a day from its last monthly report. Next year, global consumption will increase 2.4 percent to 77.1 million barrels a day, the IEA said. Oil demand is rising at a time when production cuts by the Organization of Petroleum Exporting Countries, which accounts for 40 percent of the world's supplies, are easing concern about a oil glut, causing prices to almost double this year. ``Demand growth is strengthening as the world economy recovers from last year's financial crisis,' the IEA's October report said. ``Higher demand in the fourth quarter is also likely.' Benchmark Brent crude oil has risen 97 percent since the start of the year to $20.70 a barrel, as 10 of OPEC's 11 members agreed in March to trim output by 4.316 million barrels a day, or about 6 percent of world supply, from February 1998 levels. The Bank of Japan said last week's quarterly survey of confidence at large manufacturers improved to minus 22 from minus 37 in June -- its best showing in 21 months. In the U.S., the world's largest economy, business economists said last month they expect spending to grow at a 3 percent annual rate next year, topping the 2.7 percent growth forecast for gross domestic product.