IEASlashes Demand Projections

In its end-August oil supply/demand projections - contained

intheSeptemberissueof its monthly OilMarket Report (OMR) - the International Energy Agency (IEA)hassharply

downsizeditsprevious demand estimates for the period 3Q 1993-2Q 1994. The estimated demand reductions came to 0.3mn

b/d in each of 3Q 1993,4Q1993 and 1Q 1994 and 0.2mnb/d

in 2Q 1994.The lower demandforecasts are attributed to a combination of factors...