August 2001

Trends and Resources

HP Impact: HPImpact: Highlights of IEA's supply/demand stat

The latest Oil Market Report from the International Energy Agency (IEA) summarizes mid-year data on oil and gas supply, demand and pricing. Like other analysts, the IEA predicts a late-2001 turnaround..

Weirauch, Wendy, Hydrocarbon Processing Staff

The latest Oil Market Report from the International Energy Agency (IEA) summarizes mid-year data on oil and gas supply, demand and pricing. Like other analysts, the IEA predicts a late-2001 turnaround for the U.S. economy, which "should cause demand growth to rebound to 0.8 million bbl/day (MMbpd) next year." Growth would be stronger if oil prices eased. As of mid-July, IEA forecast non-OPEC production to increase by 0.7 MMbpd in 2002, following a gain of 0.6 MMbpd this year. "Healthy upstream spending is expected to sustain production from mature producing regions. Russian output will continue to rise strongly, North American supply will be higher and North Sea production will be flat," s

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