OPEC

February OMR Raises Estimate of 4Q Non-OPEC Supply

In the latest (February) issue of its Oil Market Report (OMR), the International Energy Agency (IEA) now estimates that non-OPEC oil supply in the fourth quarter of 1984 was running at 28.3mn b/d, 0.4mn b/d higher than the 27.9mn b/d estimate in the January OMR. At the same time the figure for 4Q OECD demand has again been reduced - to 35.3mn b/d from 35.4mn b/d in January and 35.9mn b/d in December with the result that the new 4Q...