VOL. XXXII

NO. 15

16-JANUARY-1989

WHERE HAVE ALL THE BARRELS GONE? MOSTLY INTO CONSUMPTION, SAY THE IEA ANDOTHERS

Sweeping upward revisions of demand estimates for the fourth quarter of 1988- stemming from the International Energy Agency (IEA) and other forecasterscoupled with shortfalls in supply from non-OPEC sources, are currently tendingto modify previous perceptions of a huge fourth-quarter stockbuild whichthreatens to swamp the market in the first quarter of this year.

Under previous...