Diesel demand hit at its second highest level at 3.5 mbd, up 16.5% from last year.

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Refinery volumes were weak as well, with U.S. refinery input reaching 717 million barrels per day (mbd).

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Server and tools bookings were up 15%, and MBD bookings were up 18%.

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The Iranian revolution of 1979 created a modest shortfall in oil deliveries of approximately one million barrels per day (mbd).

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In a worse case scenario, as much as four mbd could be withheld from the marketplace as a result of the Iraq-Kuwaiti crisis.

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Of greater relevance, the United States could release approximately three mbd onto world oil markets, Japan about one mbd and Germany roughly one mbd.

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The bad news is that the United States imports roughly twice as much oil as it did in 1984 (about eight vs. four mbd, respectively).

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Internationally, refinery output hit 792 mbd.

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Even this highly unlikely shortfall could be covered by the five mbd represented by the combined release of U.S., Japanese, and German stocks not to mention the contribution Britain, France, Italy and other European nations might make to this effort to stabilize oil prices.

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