VOL. XXXVII

NO. 32

9-MAY-1994

Supply/Demand

Latest IEA Projections Reinforce Crude Markets' Bullish Trend

Already bullish crude markets got more positive reinforcement lastweek with release of the International Energy Agency's (IEA) end-April OilMarket Report. Once again, the leading indicators all went the right way:quarterly 1994 global demand projections went up; March OECD industry productstocks went down; and non-OPEC output fell by some 0.24mn b/d in April. On thedemand front, further...