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To: JRI who wrote (119614)	4/21/1999 4:20:00 PM
From: Bill H	Read Replies (1) \| Respond to of 176387

John: Did you see the article in last Friday's WSJ on the oil reserve in LA - they thought it would dry out years ago but it keeps refilling - lot of theories on why but some are suggesting that there are huge deep reserves that we have not accurately estimated... anyway, fascinating article - I'll go back and post it if you are interested.

To: JRI who wrote (119614)	4/22/1999 1:07:00 PM
From: Mohan Marette	Respond to of 176387

<--OT--> Did you say OIL??? John: Speaking of oil, I just read an article the other day about the thing and noted some facts/comments by Peter Davies Chief Economist of BP Amoco.He was speaking at some energy conference in London I believe. According Davies :- Demand for oil should pick up this year as the battered but energy- hungry Asian economies start to recover.However the demand should be less than during mid/early 1990s. He also said Asia normally supplies half of the world's oil demand growth.Asia,excluding China account for 12% of world oil demand. 'Lemme see'...then he went on to say as the Asian GDPs start to grow this would produce a disproportionate effect on the world oil demand growth. I didn't quite get that but that is what he said if memory serves me correctly. Davies went on to say that as a result, global demand was expected to grow by around 800,000 bpd in 1999 following a rise of just 300,000 bpd in 1998. Then he said something like :- the growth in demand would be tempered by growth in alternate energy sources such as solar power and adoption of fuel cell technology etc etc.. PS:You are probably correct about the OPEC guys,I thought these guys were finished,never known to keep a promise as far as production cut goes.Saudi Arabia, I think, is still running a current account deficit,Venezuela needs money,so does the Iranians and most other members...nah not gonna happen, production cut that is.Then the non-members they need the moolah too. Anyway I thought I throw that in there. BTW are we up today???