OPEC AND OIL PRICES

Latest LEA Figures Show Decline in OECD Demand

In the latest (April) issue of its Oil Market Report (OMR), the International Energy Agency has cut its estimate of fourth quarter OECD oil demand by 700,000 b/d to 34.6mn b/d (compared to 35.3mn b/d in the March OMR), a decline of 2.3% from 4Q 1983. Moreover preliminary figures for 1Q 1985 suggest OECD consumption of 35.7mn b/d rather than the previous estimate of 36.0mn b/d, a drop of 2% from the 1Q 1984 figure of 36.3mn...