GENERAL

IEA Raises Estimates of 1986 Demand Growth

Figures in the May issue of the International Energy Agency (IEA) Oil Market Report (OMR) show that the weighted average cif price of crude oil imported by the IEA members fell from $27.65/B in December to $26.32/B in January and $22.15/B in February, a decline of $5.50/B or 20%. By April the IEA estimates that the average cif cost of crude oil to the OECD countries had fallen to around $15/B, and assuming prices remain at this level for...