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IEA Reduces Oil Demand Growth Forecast; Still Up 1.5% from 2007
11 April 2008
In its current edition of the monthly Oil Market Report, the International Energy Agency (IEA) reduced its forecast for growth in oil product demand by 310,000 barrels per day in 2008 to 87.2 million barrels per day. This follows the downgrading of global GDP prospects by the IMF, coupled with a change in methodology for the Former Soviet Union (FSU) countries and revisions to baseline data.
As a result of these divergent shifts, the IEA expects demand growth in 2008 of almost 1.3 mb/d—1.5%— over 2007.
Global oil supply fell by 100 kb/d in March to 87.3 mb/d, led by lower supplies last month from OPEC, the North Sea and non-OPEC Africa. The IEA trimmed growth in supply from non-OPEC countries to 815 kb/d based on a number of adjustments in the Americas, Africa and Europe.
OPEC crude supply fell by 265 kb/d in March to 32.1 mb/d, on field maintenance in UAE, Nigeria and Venezuela. Pipeline/power outages highlighted ongoing risks to production in Iraq and Nigeria amid effective spare capacity of just 2.3 mb/d. Weaker economic growth cuts the 2008 call on OPEC by 0.3 mb/d to 31.6 mb/d.
April 11, 2008 in Brief | Permalink | Comments (0) | TrackBack (0)
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