VOL. XLII

No. 29

19-July-1999

OPEC

IEA Reports Last Years Stock Overhang Has Begun To Dissipate

The International Energy Agency (IEA) has once more revisedupward its projections for oil demand in 1999. According to the latest (July) MonthlyOil Market Report (MOMR), world oil demand is projected to average 75.1mnb/d in 1999, an increase of 1.1mn b/d over last year, and around 50,000 b/dhigher than reported in last months MOMR (MEES, 28 June). According tothe IEA, "the increase in anticipated...