OPEC

Weather and Fuel Substitution Cut 4Q IEA Demand Estimates

According to the January issue of the International Energy Agency (IEA) Oil Market Report (OMR), mild weather and the substitution of other fuels have reduced estimates of fourth-quarter 1984 world oil demand by 500,000 b/d to an average of 46.9mn b/d as against the previous (December) estimate of 47.4mn b/d. The reduced estimate is due entirely to lower figures for 4Q OECD demand, which is now put at 35.4mn b/d as against...